NAR Settlement: What Homebuyers Need to Know
Settlement Overview
On March 5, 2022, the National Association of REALTORS® (NAR) reached a settlement in a major lawsuit alleging anti-competitive practices. The settlement aims to preserve consumer choice and transparency in the real estate market.
Key Provisions
- Requires agents to provide a written agreement before representing buyers.
- Prohibits agents from steering buyers towards specific lenders or service providers.
- Mandates disclosure of any compensation received by agents from third parties.
Impact on Homebuyers
Benefits
- Increased Transparency: Buyers will have a clearer understanding of the services and costs associated with working with an agent.
- Protects Consumer Choice: Homebuyers can choose the agent and services that best meet their needs without worrying about hidden incentives.
- Promotes Fair Competition: The settlement levels the playing field for agents and service providers, ensuring that consumers have access to a wide range of options.
Deadlines
The deadline for implementing the settlement's provisions is August 17, 2022. After this date, homebuyers will be required to enter into a written agreement with their agent before receiving any services.
Next Steps
Homebuyers should:
- Review the written agreement carefully before signing.
- Ask their agent any questions they have about the agreement or the settlement.
- Compare options from multiple agents before making a decision.
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