CLEVELAND — In a recent settlement between the National Association of Realtors and home seller plaintiffs from various class action lawsuits, the NAR agreed to ban offers to compensate the buyer’s agent on multiple listing services, also known as MLS.
The NAR will also now require the buyer’s agents to enter into a written agreement with all clients, outlining fees and services before moving forward with any work. Case Western Reserve University Economics Professor Jonathan Ernest said he believes these NAR changes could save both future homebuyers and sellers money. This might be because buyer services can now be offered at bundled prices.
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