How much will sellers obtain from the NAR lawsuit?
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How much will sellers obtain from the NAR lawsuit?
Attorneys for the plaintiffs claim they spent 96,500 hours and $13 million of their own money to review over 5 million documents. They retained at least 20 experts and consultants, and performed approximately 180 depositions, and suffered through three unsuccessful attempts at mediation to achieve this result. The two lawsuits have over 1,800 docket entries. Under well-established precedent, they say they are entitled to an award of attorneys’ fees representing one-third of the $208,500,000 settlement fund ($68,805,000).
Americans can claim payments as part of a major settlement from the National Association of Realtors and other real estate groups. A variety of real estate companies were also involved in the suit, which is paying out up to $418 million.
RE/MAX, Anywhere and Keller Williams were all named in the suit, which alleged that groups forced home sellers to pay commissions through anti-competitive agreements.
Agreements between companies can result in non-competition across an industry, which inflates prices and corporate profits.
These practices, allegedly used by the named real estate companies, may violate antitrust laws, which aim to protect consumers by preventing monopolies.
Plaintiffs in the case claimed that home sellers paid inflated commissions to brokers and real estate agents as a result. There are few details yet available on how much those impacted will be paid, according to Top Class Actions.
The deadline to file a claim is May 9.
If you were impacted and do not wish to be included in the settlement, the deadline for exclusions and opt-outs is April 13.
None of the companies involved in the suit admitted any wrongdoing.
First, you must have sold a home on a multiple listing service, or MLS, in the time period covered by the suit. Date ranges vary greatly based on region and listing service. The oldest complaints that could get payments are from 2014, with the newest being from early 2024.
The exact dates for your location can be found on the settlement website:
https://www.realestatecommissionlitigation.com/faq
You must also have paid a commission to a real estate brokerage in connection with that sale.
These brokerages are common across the industry, but many have speculated that could change soon as a result of years of legal trouble facing real estate companies.
If you’re unsure whether the suit applies to you, the settlement administrator can be reached at 888-995-0207.
If you do not opt out or file a claim, you may lose your right to be able to sue any of the companies implicated over this issue in the future.
The individual payouts are expected to be around $10-$13 per transaction.
Source: NAR Lawsuit Results
Updated: Boston Real Estate Blog 2024
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Updated: Boston Condos for Sale Blog 2024
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