Home Sellers: You May Be Eligible for a Share of the Real Estate Settlement Money
If you’ve sold a home in the past seven years, you may have paid inflated real estate agent fees that were anticompetitive and unfair, a collection of claims from the class action lawsuits alleges. As part of the proposed class action agreements, you may be eligible for compensation totaling $980.9 million in legal settlements agreed to by multiple real estate agencies.
Starting today, Saturday, August 17, 2024, the National Association of Realtors (NAR) is changing the way real estate agents list fees. Along with proposed settlements between home sellers, agents will no longer be allowed to advertise commission fees when listing homes, with the goal of encouraging buyers and sellers to negotiate those fees instead. A 6% commission, split between the seller’s agent and the buyer’s agent, had become the standard real estate agent fee.
Here’s how to find out if you qualify for compensation for costs related to selling a home. For more information, read what we know about the Cash App settlement payout.
Who can claim the proposed real estate expense settlements?
If you sold a home in the U.S. that was listed on a Multiple Listing Service (MLS) between October 31, 2017, and July 23, 2024, and you paid a broker commission for it, you may be covered by the settlement and eligible for compensation from the $980.9 million pot.
The defendants include the real estate agencies NAR and Anywhere, Keller Williams and Re/Max. However, you don’t necessarily have to have sold your home through an agent from one of these agencies to file a claim. Check the settlement’s website for specific dates for the region where you live.
Whether you qualify depends on where you live and when you sold your home. Estimates of the total number of sellers who can take part in the scheme are between 21 million And 50 million.
How much money can I get in the $980.9 million settlement?
The $980.9 million cash award will be distributed among those eligible for the settlement.
According to the settlement website, the plaintiffs will propose a plan to the court to distribute the settlement funds among those who qualify, and the proposal will be posted on the website. the settlement websiteAccording to the website, the plan will take into account the commission that sellers pay to a broker or agent.
Although the amount of money is large, with so many potential claimants, the average payout could be $13.
How do I file a claim and what are the filing deadlines?
You can either file a claim online or print and send a claim form to this address:
Burnett et al. v. The National Association of Realtors et al.
c/o JND Legal Administration
PO Box 91479
Seattle, WA 98111
If you have sold multiple homes, you must file separate returns. claim forms for each of your properties.
You must submit your claim form by post or email no later than May 9, 2025.
When will I get my money?
The settlement website says payments will be made after the claims period ends on May 9, 2025, and appeals are resolved. It warns those who qualify to be patient.
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