Chicago, June 17, 2024 (GLOBE NEWSWIRE) -- The National Association of REALTORS® (NAR) reminds brokerages with a residential transaction volume of more than $2 billion in 2022 and MLSs to opt in to NAR’s Settlement Agreement that would resolve of claims brought on behalf of home sellers related to broker commissions by June 18. The Settlement Agreement is subject to final court approval, a hearing on which is scheduled for November 26, 2024.
Brokerages with a residential transaction volume in 2022 that exceeded $2 billion, and all MLSs, including those wholly owned by REALTOR® associations (“REALTOR® MLSs”) and others (“non-REALTOR® MLSs”) are required to opt into the Settlement Agreement to obtain a release of liability.
State and local REALTOR® associations, individual NAR members and brokerages with an NAR member as Principal whose residential transaction volume in 2022 was $2 billion or below do not have to take any specific action to opt in to obtain a release of liability under the Settlement Agreement. However, they must abide by the terms of the Settlement Agreement.
Eligible brokerages must have a Principal who is a member of NAR as of the date of class notice in order to opt in or be released, and NAR members must be members as of the date of class notice in order to be released.
Instructions on how to opt-in are below (be sure to copy email addresses precisely):
If you are a brokerage with a residential transaction volume in 2022 that exceeded $2 billion:
- You must: Complete, execute, and email Appendix C to realtorsoptin@jndla.com, realtorsoptin@cohenmilstein.com, and nargovernance@nar.realtor by June 18, 2024. Step-by-step instructions available here.
If you are a REALTOR® MLS:
- You must: Complete, execute, and email Appendix B to realtorsoptin@jndla.com, realtorsoptin@cohenmilstein.com, and nargovernance@nar.realtor by June 18, 2024. Step-by-step instructions available here.
If you are a non-REALTOR® MLS:
- You must: Complete, execute, and email Appendix D to realtorsoptin@jndla.com, realtorsoptin@cohenmilstein.com, and nargovernance@nar.realtor by June 18, 2024. Step-by-step instructions available here.
Following this opt-in deadline, NAR’s mandatory MLS policy changes implementing the settlement practice changes will take effect on August 17, 2024.
Please visit facts.realtor for the latest updates on the Settlement Agreement. The full text of the Settlement Agreement can be found here.
About the National Association of REALTORS®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom.
For further information contact:
Suzanne Bouhia, 202/383-1050
sbouhia@nar.realtor
