The home sellers who are thought to be eligible for a portion of the $730 million class-action settlement, that is still expanding, that the Multiple Listing Services (MLS), several major brokerages, and the National Association of Realtors (NAR) agreed to in March have already received postcards in the mail. If, however, you were not given one, you may still verify your eligibility and submit a claim via www.realestatecommissionlitigation.com.
With many brokerages, multiple multiple listing services, and various date periods, it’s a massive nationwide settlement. A portion of the proceeds may be available to anybody who used MLS to sell a house in Massachusetts between December 17, 2016, and February 1, 2024. The settlement website allows those who sold their properties in other regions of the nation to verify if they qualify.
Over $730 Million Real Estate Broker Commission Class Action Settlements
Collective agreements totaling around $730 million give rise to this opportunity for financial compensation due to allegedly inflated costs. Existing real estate commission agreements specify the qualifying dates and offer a variety of brokerage companies. Plaintiffs claim the conspiracy has forced house sellers to pay a price that in a competitive market the buyer would have to pay.
Furthermore, as per the lawsuit, sellers are motivated to offer a high commission when making the mandatory, non-negotiable offer in order to gain the cooperation of buyer brokers. The lawsuit states that the Buyer Broker compensation Rule, which is necessary, prevents price competition between buyer brokers and real estate agents since the buyer, who retains the buyer broker, is not responsible for negotiating or paying the broker’s compensation.
Buyers and their brokers are likewise prohibited by the defendants from making offers on homes that are depend on the BBC being lowered, therefore the seller’s purportedly inflated commission offer cannot be lowered by them. Buyer brokers would be compensated by their clients in the absence of this law, and they would vie for business by lowering their commission. In America, the typical commission for a broker or real estate agent is now five to six percent of the house’s sale price; the buyer broker often receives at least half of that amount.
How to qualify for this Settlement?
For further information about your eligibility, give the settlement administrator a call at 888-995-0207.In the beginning of the lawsuit, a group of unhappy sellers claimed they were forced to pay the buyer’s agent for their house transactions. A class action lawsuit was formed out of related lawsuits that surfaced throughout the nation after a Missouri court decided in the plaintiffs’ favor. The matter was resolved, furthermore, the settlement amount is still increasing and may surpass $1 billion, a representative for the legal firm handling the agreement, Hagens Berman, said.
By October 3, 2024, affected sellers will have the chance to reject the settlement’s terms or choose not to participate in it. By choosing to opt out, individuals forfeit any payout but keep their ability to sue the defendants on an individual basis. Those who choose to take no action, on the other hand, will forfeit their right to compensation and the ability to sue in the future.
Claim Process & Deadline
If you want to become part of this settlement, then you can apply for this via www.realestatecommissionlitigation.com. A Settlement Fund will receive payments totaling more than $110 million from the Settling Defendants listed above. Presently, almost $730 million is the total estimated worth of all the planned settlements with these and other defendants. After deducting any awarded lawyers’ fees, expenses, Settlement Administration costs, and service awards, the Fund will be disbursed to eligible Settlement Class Members who submit an authorized Claim Form.
More information on the Settlement Agreement’s Cooperation and Practices Changes may be found at www.RealEstateCommissionLitigation.com. The ultimate settlement fund size and the number of claims submitted will determine how much money eligible homeowners get. May 9, 2025, is the deadline for claims from house sellers.
Final Date for This Settlement
On October 31, 2024, a court hearing is set to discuss the Settlement’s Final Approval. In addition to allocating fees and costs to the lawyers defending the class members, this hearing will assess whether the conditions of the settlement are reasonable and acceptable. The litigation website has further information on the hearing, including how to attend and what class counsel represents.
The legal community and those who stand to gain from the potential settlements continue to keep a careful eye on this issue. Interested parties are encouraged to visit www.RealEstateCommissionLitigation.com for more comprehensive details on the settlement’s terms, including how to submit a claim, contest the terms, or withdraw from the class action.
Jaxon Elias is a writer, poet, and finance expert. He graduated from the Craig School of Business in 2014 and later completed the “Leading with Finance” course from Harvard University Online. Additionally, he has worked as a freelancer for various media houses