If you sold a home in the past seven years, a class action lawsuit claims you may have paid anti-competitive and unfairly inflated real estate commissions.You may be eligible for compensation from a total legal settlement of $980.9 million agreed to by several real estate brokerages as part of a proposed class action agreement.
Starting today, Saturday, August 17, 2024, the National Association of Realtors (NAR) is changing the way real estate agents display their commissions. In conjunction with the proposed Home Sellers Settlement, real estate agents will no longer be allowed to advertise their commission when listing a home, encouraging buyers and sellers to negotiate their commission. The traditional real estate agent commission is now a 6% commission split between the seller’s agent and the buyer’s agent.
Here’s how to find out if you’re eligible to receive compensation for fees related to selling your home: For more information, see What we know about Cash App settlement payments.
Who can file a claim in a real estate commission settlement?
If you sold a home listed on a U.S. MLS between October 31, 2017 and July 23, 2024 and paid real estate brokerage commissions, you may be part of the Settlement Class and eligible to receive compensation from the $980.9 million pool.
Defendants include NAR and real estate brokerages like Anywhere, Keller Williams and Re/Max, but you don’t have to have sold a home using an agent from one of these companies to bring a claim. Check the settlement website for specific dates in your area.
Eligibility varies depending on where you live and when you sold your home, and the total number of sellers who could participate in the settlement is estimated to be between 21 million and 50 million.
How much will they get from the $980.9 million settlement?
The $980.9 million in funding will be distributed among those who qualify for the settlement.
The plaintiffs will propose to the court a plan for distributing the settlement funds to eligible parties, which will be posted on the settlement website, according to the settlement website. The plan will take into account the amount of commissions that sellers will pay to real estate brokers and agents, according to the website.
Because the pool of funds is large and there are many claimants, the average payout could be $13.
How do I submit a claim and what is the deadline for filing?
You can submit your claim online or print and mail the claim to the following address:
Burnett et al. v. National Association of Realtors et al.
JND Legal Management Department
Postal Code 91479
Seattle, WA 98111
If you sold more than one home, you will need to submit a separate invoice for each property.
Claims must be mailed or emailed by May 9, 2025.
Will I always get money?
The settlement website says payments will be made after the claims period ends on May 9, 2025, and any disputes are resolved. It warns those who qualify to be patient.
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