Realtors and those buying and selling homes will have a new system starting Aug. 17 following a National Association of Realtors settlement agreement regarding a host of issues, including who is responsible for paying agents.
NAR agreed to the settlement March 15 after a group of sellers filed a lawsuit against the national organization that questioned who was responsible for paying for the agents involved in the transaction.
For decades, the seller was responsible for paying commissions to both their agent and the buyer’s agent. But the lawsuit changed all that, local real estate agents say.
