A landmark court case is going to change the way homes are bought and sold in this country, and local experts say the effects will hit Arizona.
The National Association of Realtors recently announced an agreement to end a class action law suit out of Missouri, resulting in the elimination of a longtime NAR rule requiring an offer of compensation in which home sellers must pay commissions of the buyer’s agent in addition to their own agent in order to show their home on the Multiple Listings Service, which is where the majority of homes in the country are listed for sale.
NAR will pay the plaintiffs $418 million over about four years, according to the agreement.
