Changes are coming to the buying and selling of real estate in Oklahoma and beyond.
In March, the National Association of Realtors settled a class-action lawsuit in federal court. The association and various brokerages agreed to pay more than $730 million to claimants, according to JND Legal Administration, the firm overseeing the settlement.
Legal fees will take up some cash, but the rest is going to people who sold homes and paid what’s now been deemed inflated commissions. Payments to agents must now be spelled out in writing.
Bryan Hutchinson, CEO of Oklahoma REALTORS, says that’s great.
“It is paramount. It is good for the transaction and good for the industry. And it’s good for both of those because it’s good for the consumer.”
Going forward, there will be some extra paperwork for people buying a home. Traditionally, sellers paid both agents involved in the transaction. Now, buyers will negotiate with their agents beforehand.
If you sold a home recently and want to know if you’re eligible for a claim in the class-action suit, click here.
