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Boston condo commission and NAR lawsuit verdict – Bullet item summary

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Boston condo commission and NAR lawsuit verdict – Bullet item summary

What was the real estate lawsuit about?

At the heart of the lawsuit is broker commissions, or the fees paid by home sellers to brokers for executing transactions or providing other services — like schedule property showings — which are generally factored into the listing price of a home.

What was the verdict in the lawsuit?

(NAR) and some of the largest real estate brokers in the country were found guilty of colluding to inflate real estate commissions.

Why it matters: 

The verdict is a major shake up to the U.S. real estate market and could change how Boston condo for sale buyers purchase homes, or specifically, how Boston condo broker are compensated for broker fees.

The big picture: 

The jury, after around two weeks of testimony from the plaintiffs and defendants, ordered the NAR and real estate franchises HomeServices of America and Keller Williams to pay $1.78 billion in damages to the sellers of more than 260,000 homes in Missouri, Kansas and Illinois — the plaintiffs in the case.

The case is just one class-action lawsuit against the defendants, and the guilty verdict, if upheld, could spawn new legal actions in other states including Massachusetts.

What they’re saying:

Representatives for the NAR and HomeServices of America said they planned to appeal the verdict, while a spokesperson for Keller Williams said the company would consider appealing.

“It will likely be several years before this case is finally resolved,” Williams of the NAR said.

Short Summary of NAR lawsuit

At the heart of the lawsuit is broker commissions, or the fees paid by home sellers to brokers for executing transactions or providing other services — like schedule property showings — which are generally factored into the listing price of a home.

Specifically at issue is the seller’s fee payments to the buyer’s Realtor, which are in part governed by the NAR’s Clear Cooperation Rule, Axios’ Emily Peck reports.

Updated: Boston condo for sale website 2023

 

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