Consumers will be informed of commission settlements through the website, emails and postcards. Home sellers hoping to receive part of the settlement will file claims next May.
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Against the backdrop of significant new rules for the real estate industry, class notices have now begun being issued to consumers who may be affected by the National Association of Realtors’ landmark antitrust settlement.
The settlement, first announced in March, stems from lawsuits filed by home sellers against NAR and major real estate companies for conspiring to violate the Sherman Antitrust Act. The settlement resulted in a series of new rules governing matters such as agency commissions and resulted in a $418 million agreement with NAR. Major franchisees and brokerage firms have reached similar settlements, bringing the total to more than $980 million.
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Class notices are intended to inform consumers that they may be eligible to receive a portion of their funds. The first day they can go out is August 17 – the same day the NAR’s new rules take effect.
Two recently filed legal documents shed light on the process by which notices reach consumers. The first document, filed on Aug. 7, outlines a website, www.realestatecommissionlitigation.com, that contains information about the settlement, including the amount up for grabs and the conditions for becoming a member of the class.
Generally speaking, class members are people who have sold their homes in the past few years through any of a variety of listing services. Exact dates for eligibility will vary by MLS. The site guides consumers through the process of filing a claim and provides information on settlements from companies such as Anywhere and Keller Williams.
The deadline for claims is May 9, 2025.
The Aug. 7 filing also details email and postcard notifications that were also used to alert consumers of the settlement.
The second court document, filed on Aug. 14, asks the court to let the parties withdraw money from the settlement fund to cover the costs of notifying class members.
NAR’s settlement received preliminary approval in April. A final approval hearing is scheduled for Nov. 26.
Meanwhile, agents, brokers, MLSs and other real estate industry members are racing to adopt and understand the impact of the new rules. Yet despite the broad scope of the rules, interviews with more than a dozen real estate professionals on Monday indicated that the rollout of the rules has been going relatively smoothly so far.
Email Jim Dalrymple II
