Housing Wire

JANUARY 29, 2024

As for the defendants, real estate brokerages River Point Realty , Bovard-Anderson , Priority Realty , Rubinoff Realty Services and Found It PA were added in the amended complaint. The addition of the five local brokerages is not the only recent change to the list of defendants.

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Housing Wire

MARCH 19, 2024

For many real estate brokerages and roughly 1 million Realtors, the nationwide settlement agreement that the National Association of Realtors (NAR) negotiated due to the ongoing commission lawsuits marks the end of their cooperative compensation litigation concerns, at least for the time being. billion ), Douglas Elliman ($42.8

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Brokerage Real Estate Realtors Legal 466

Housing Wire

MARCH 15, 2024

These housing professionals have been gaming out the potential impact on buyers’ agents – a significant source of referrals. Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down.

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Buyers Agents Mortgage Real Estate Agent 504

Housing Wire

OCTOBER 16, 2023

At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing. million, respectively. ” What’s at stake?

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Buyers Brokerage Agents Realtors 458

Housing Wire

JANUARY 18, 2024

The complaint names 35 entities as defendants, including the National Association of Realtors , local and national brokerages, MLSs and local Realtor associations. Patrick Thurber, a California home seller, is an additional named plaintiff in the suit. 17, 2020, and the present. 17, 2020, and the present.

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Realtors Brokerage Realty Real Estate 531

Housing Wire

MAY 9, 2024

In addition to RE/MAX, Anywhere and Keller Williams, NAR, Douglas Elliman , Realty One Group , At World Properties, Compass , HomeServices of America and The Real Brokerage, have also reached settlement agreements. As part of their settlement agreements, Anywhere, RE/MAX and Keller Williams have agreed to pay $83.5 26, 2024.

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Brokerage Realty Sellers Real Estate 384

Housing Wire

JANUARY 16, 2024

Like the other commission lawsuits, the Grace suit takes aim at NAR’s Participation Rule, which requires listing agents to make a blanket offer of compensation to the buyer’s broker in order to list the property on the MLS. 8, 2019, and the present. 8, 2019, and the present.

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Brokerage Realtors Realty Real Estate 447

Housing Wire

SEPTEMBER 5, 2023

According to court documents filed on Tuesday, Anywhere Real Estate and the home sellers suing the firm in both the Moehrl and Sitzer/Burnett cases, which both deal with buyer brokers’ commissions, have reached a preliminary settlement agreement, settling all claims in both suits.

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Housing Wire

APRIL 26, 2024

HomeServices of America , the last remaining brokerage defendant in the landmark Sitzer/Burnett antitrust commission case , has agreed to pay $250 million in damages to settle lawsuits that will change agent compensation across America. The New York Times first reported the story. The jury verdict came to $1.76 billion in damages.

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Brokerage Agents Real Estate Buyers 466

Housing Wire

FEBRUARY 28, 2024

The National Association of Realtors is facing yet another copycat commission lawsuit. The trade group’s legal woes have brought it back to California, where is already facing other commission lawsuits. 2021 to a buyer represented by a Redfin agent. 2021 to a buyer represented by a Redfin agent. Filed on Tuesday in U.S.

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Housing Wire

FEBRUARY 16, 2024

The complaint claims that the National Association of Realtors is the creator of this alleged conspiracy through its creation and enforcement of its Participation Rule. This would lead to competition among buyer brokers to offer lower commission rates. 16, 2020, and the present. 16, 2020, and the present.

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Real Estate Realtors Realty Brokerage 441

Housing Wire

JANUARY 26, 2024

“I was sitting on my couch and I saw Michael on CNBC calling us a cartel, saying that we take money that doesn’t belong to us, and I was infuriated at that rhetoric and I was infuriated at what that infers about Realtors,” Lamacchia said. “It It dehumanizes Realtors and turns us into money-making machines.”

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Realtors Law Agents Real Estate 441

Housing Wire

MARCH 22, 2024

There is no doubt that the cooperative compensation structure changes outlined in the National Association of Realtors’ commission lawsuits settlement agreement will generate massive changes in the real estate industry, but those are not the only changes mandated by the terms of the agreement. As of Jan.

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Buyers Contracts Real Estate Agents 479

Housing Wire

APRIL 23, 2024

The settlement agreement also mandates that MLS participants working with buyers must enter into a written buyer broker agreement. But the settlement does provide a mechanism for brokerages to opt in to the agreement if they so choose, or they can negotiate their own settlement, as Compass and The Real Brokerage have recently done.

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Realtors Brokerage Agents Real Estate 419

Housing Wire

MARCH 18, 2024

In the 24 hours after news broke of the National Association of Realtors’ (NAR) settlement agreement in the commission lawsuits , Doug Danzey, the leader of the eXp Realty -brokered teamerage The Cobalt Group , said the most pervasive emotion among his agents has been panic. “I More off-MLS listings? It is really going to go backwards.

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Brokerage Real Estate Agents Sellers 421

Housing Wire

APRIL 10, 2024

R New York , a brokerage boasting approximately 800 agents, has joined the American Real Estate Association , an alternative to the National Association of Realtors (NAR), according to The Real Deal. to allow buyer agent compensation to be rolled into the loan. million members. So why should agents have this requirement?”

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Real Estate Agent Real Estate Agents Legal 458

Housing Wire

JANUARY 2, 2024

Umpa sold his Ohio home with Redfin and his Maryland home with Compass , and the suit states that he “paid a substantial buyer-broker compensation,” in both transactions. Because this blanket offer must be made available to every buyer-broker using the MLS (i.e., The lawsuit is seeking class action status for everyone in the U.S.

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Sellers Brokerage Real Estate Realtors 421

Housing Wire

FEBRUARY 21, 2024

HomeServices of America can preserve some of its legal war chest — for now, at least. The residential brokerage was dismissed this week from one of the early real estate commission lawsuits , known as “Batton 1” after its lead plaintiff, a homebuyer named Mya Batton. Judge Andrea Wood of the U.S.

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Brokerage Realtors Real Estate Law 408

Housing Wire

MAY 6, 2024

Redfin has joined the growing list of real estate brokerages that have settled the commission lawsuits. brokerage that has saved consumers more than $1.5 The National Association of Realtors has also reached a nationwide settlement of the commission lawsuits. As part of the settlement agreement, Redfin has agreed to pay $9.25

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Brokerage Realty Real Estate Agents 472

Housing Wire

NOVEMBER 3, 2023

I actually started out as a buyer’s agent myself… and I see buyer’s agency as being a very valuable tool for buyers,” Sanford said during the Q&A session. I’m concerned, quite frankly, about what this might mean to buyers who may not be able to afford representation if things change up too much.”

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Buyers Realty Real Estate Realtors 409

Housing Wire

SEPTEMBER 7, 2023

Attorneys, Realtors and clients are a big part of our repeat business.” But three multibillion-dollar class action antitrust lawsuits looming over the real estate industry may soon reshape how buyers interact with agents.

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Buyers Agents Loan Officers Real Estate 397

Housing Wire

OCTOBER 16, 2023

The National Association of Realtors , Keller Williams , and Berkshire Hathaway are still going to court to fight the allegations. Here’s what they had to say: Value Proposition : There’s a recurring theme of agents needing to articulate their value proposition, especially when it comes to representing buyers.

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Real Estate Brokerage Training Agents 419

Housing Wire

SEPTEMBER 20, 2023

Defendants in the Sitzer/Burnett class action lawsuit, which deals with buyer brokers’ commissions, are facing two fewer claims. The past few weeks have been eventful for the Sitzer/Burnett lawsuit, as well as the larger Moehrl lawsuit in Illinois, which also deals with buyer-broker commissions. Bough, a U.S.

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Buyers Law Realtors Agents 431

Housing Wire

JANUARY 9, 2024

commission ($10,250) to the buyer broker.” Like the other commission lawsuits, the Masiello suit takes aim at the National Association of Realtors’ Participation Rule, which requires listing brokers to make a blanket offer of compensation to the buyer’s broker in order to list a property on a Realtor-affiliated MLS.

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Housing Wire

SEPTEMBER 29, 2023

Less than three weeks out from the trial start date, plaintiffs in the Sitzer/Burnett buyer broker commission class action lawsuit filed a notice to withdraw three named plaintiffs. The two-page filing offered no explanation for the decision. The two-page filing offered no explanation for the decision.

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Brokerage Realtors Agents Design 410

Housing Wire

NOVEMBER 1, 2023

Can we ask if the buyer is represented now? Can we even discuss things about the house because if we inform the potential buyer of something about the house that makes them not want the house, even if it isn’t something necessarily bad, are we going against our agreement with our seller?” I do believe they will.

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Open Houses Brokerage Agents Realtors 479

Housing Wire

DECEMBER 6, 2023

Similar to the other commission lawsuits, the latest two take aim at the National Association of Realtors’ Participation Rule, which requires the listing broker to make a blanket offer of compensation to the buyer’s broker to list the property on the MLS. Both lawsuits are seeking class-action status. 4, 2019 and the present.

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Realty Realtors Brokerage Real Estate 432

Housing Wire

MAY 1, 2024

In the complaint, the plaintiff alleges that the National Association of Realtors ‘ (NAR) “Participation Rule,“ which requires listing brokers to make a blanket offer of compensation to the buyer’s broker in order to list a property on the MLS, has driven up commission costs. that was listed on a NAR-affiliated MLS between Dec.

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Sellers Realtors Real Estate Agent Real Estate 441

Housing Wire

NOVEMBER 14, 2023

While the lawsuit does name large corporate brokerage firms as defendants, including Keller Williams , Side , HomeServices of America , and Fathom Realty , the robust defendant list also includes real estate teams, such as The Loken Group and Hexagon Group , as well as an individual broker, Mark Anthony Dimas. 13, 2019, to the present.

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Real Estate Realtors Realty Buyers 410

Housing Wire

APRIL 24, 2024

Another brokerage has decided to settle the commission lawsuits. The firm is not disclosing the dollar amount it is paying as part of the settlement agreement, but it noted that the terms are similar to those previously negotiated by Anywhere , RE/MAX , Keller Williams , Compass and The Real Brokerage.

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Brokerage Real Estate Agents Sellers 360

Housing Wire

OCTOBER 4, 2023

District Court in Boston granted the Department of Justice’s request to extend all settlement related deadlines in the Nosalek buyer broker compensation class action lawsuit on Tuesday. Unlike the two other buyer-broker commission lawsuits, Moehrl and Sitzer/Burnett , NAR is not a defendant in the Nosalek lawsuit.

Buyers 421

Buyers Realtors Sellers Legal 421

Housing Wire

JANUARY 19, 2024

Brokerages RE/MAX , Anywhere , Keller Williams , eXp World Holdings , NorCal Gold , Williams L. Unlike other MLSs, MetroList is not exclusively owned or operated by Realtor associations affiliated with the National Association of Realtors. Lyon & Associates , Guide Real Estate , Paul M. 18, 2020, and the present.

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Realtors Real Estate Real Estate Agent Buyers 427

Housing Wire

OCTOBER 27, 2023

the National Association of Realtors (NAR), et al kicked off this week in a Kansas City, Missouri, federal courtroom, there is a lot at stake for consumers and business competition. Class action attorneys allege real estate commission rates are too high and buyer brokers are being paid too much due to NAR rules. population.

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Real Estate Agent Real Estate Realtors Buyers 466

Housing Wire

OCTOBER 26, 2023

She said that HomeServices does not meddle in operations, give advice, or advise on commissions or how the brokerage approaches Realtor association membership. Frazier also told the jury that ReeceNichols does not require agents to be members of the National Association of Realtors , but the local MLS does.

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Law Agents Brokerage Buyers 409

Housing Wire

NOVEMBER 1, 2023

Three researchers believe a first-of-its-kind dataset has enabled them to definitively answer a long-debated question: why have buyer agent commission rates been so stable historically? So how is the uniformity and permanence of buyer agents’ 2-3% rate possible in a free market? One of the researchers, Will Fried, had a hunch.

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Clients Agents Buyers Sellers 432

Housing Wire

NOVEMBER 1, 2023

The new lawsuit, known as Gibson after its lead plaintiff, accuses the National Association of Realtors , Compass , eXp World Holdings , Redfin , Weichert Realtors , United Real Estate , Howard Hanna and Douglas Elliman , of conspiring to inflate real estate agent commissions. Who’s named? How big could this case be?

Real Estate 421

Real Estate Brokerage Sellers Law 421

Housing Wire

JANUARY 16, 2024

A few days ago, the three main defendants— National Association of Realtors , Keller Williams and HomeServices —in the Sitzer/Burnett case filed two motions with the court. So, while I make no claim as to the specific deep legal issues, I have some familiarity of antitrust actions and more in the conduct of legal actions in a courtroom.

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Agents Law Sellers Legal 419