Housing market: Changes in how homes bought, sold going into effect

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There will be changes on how homes are bought and sold after the National Association of Realtors announced it would pay to settle lawsuits.

Changes to the way homes are bought and sold begin Saturday, Aug. 17. This comes after the National Association of Realtors announced it would pay $418 million to settle lawsuits accusing it of conspiring to keep realtor commissions high.Last November, a federal jury ruled the National Association of Realtors conspired with two brokerages to keep agent commissions high. The NAR is settling the lawsuits without admitting wrongdoing.

Or it could be more extensive if you want to exclusively work with that realtor," said Jef Conn of the Texas Association of Realtors.The Consumer Federation of America is concerned that some of these contracts may be too complicated."Buyers should make certain they should be able to read and understand the contracts. And if they can’t, its very important they seek assistance from an attorney or other expert," said Steve Brobeck of the Consumer Federation of America.

 

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