NAR settlement
The 2024 settlement of commission lawsuits against NAR. Since August 2024, offers of buyer agent pay can't go in the MLS and buyers must sign an agreement before touring.
Also called: NAR lawsuit, Sitzer Burnett, commission lawsuit, practice changes
Related terms
How the buyer's agent gets paid. It can come from the buyer, from the seller as a concession, or from the listing brokerage. It's set in the buyer agreement and offer.
A contract between a buyer and their agent. It says what the agent does and how they get paid. Since August 2024, MLS rules require one before touring a home.
What agents are paid when a deal closes, usually a percent of the sale price. It's always negotiable. It goes to the brokerage, which pays the agent their share.
An agent or broker who belongs to the National Association of Realtors (NAR) and agrees to its code of ethics. Every Realtor is an agent; not every agent is a Realtor.