NAR Settlement Agreement – The Facts
On March 14, the National Association of Realtors® announced a proposed settlement agreement that would end litigation claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local Realtor® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement is subject to court approval.
It is important to note that practices will not change immediately. The changes, if approved by the court, will be implemented in mid-July.
VAR encourages all members to reference this page and resources developed by NAR to get the latest updates and accurate information regarding the settlement. For the most up-to-date resources, please use the links below:
- The Facts for Realtors® – Latest news, videos, press releases, member resources
- Competition.realtor – Communications and marketing resources to help members share their value
- Settlement Agreement Toolkit – Social media assets to help explain the NAR Settlement Agreement
VAR Resources
NAR Settlement Agreement FAQs
VAR has developed FAQs to help members better understand the NAR settlement agreement and what it means for Realtors® and home buyers and sellers in Vermont.
FLOWCHART
Not sure when you need a buyer agreement? VAR has created this easy-to-follow flowchart to help you know when you need a buyer agreement.
VAR Offering the ABR® Class at No Cost
Now is a great time to hone your skills as a buyer representative! VAR is offering the Accredited Buyers Representation (ABR®) Course throughout the remainder of this year AT NO COST (a $295 savings).
Realtor® Magazine Special Report
Read the special digital supplement of REALTOR® Magazine with 16 pages of important content that will dispel misinformation about the proposed settlement. It also includes valuable resources that help separate litigation facts from fiction, debunk myths, and help explain the importance of a written buyer agreement.
NAR Video Updates
Settlement Briefing – March 22, 2024
A settlement briefing from NAR President Kevin Sears and Chief Legal Officer Katie Johnson. WATCH
Kevin Sears: Discussing Key Settlement Considerations and Ongoing Advocacy Efforts on the Road
A message from NAR President Kevin Sears about recent association developments and priorities. WATCH
Litigation Update from NAR President Kevin Sears and CLO Katie Johnson
Hear how NAR’s resolution provides a path forward for the industry and helps ensure consumer choice. WATCH
NAR Resources
April 3, 2024 – Commentary: 90% of homebuyers have historically opted to work with a real estate agent or broker. Here’s why that’s unlikely to change. READ
March 28, 2024 – FHA Guidance on Seller-Paid Commissions – The FHA published a note with FAQs and guidance on seller-paid commissions related to the NAR settlement – READ
March 27, 2024 – NAR Letter to U.S. Dept. of Veterans Affairs – NAR urges the VA to revise its policies pertaining to fees veterans cannot pay when using their VA home loan benefit – READ
March 15, 2024 – NAR Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers – READ
March 19, 2024 – NAR Responds to President Joe Biden’s Remarks on Lowering Housing Costs for American Families – READ
March 19, 2024 – Correcting the Record: NAR Does Not Set Commissions – READ