Have you recently sold your home? You may owe money
A massive class action lawsuit against real estate agents could make a huge difference in the way homes are bought and sold. And if you sold your home in the last few years, you could get some money out of it. This lawsuit Burnett et al. v. National Association of Real Estate Brokers, etc. It made headlines in November 2023 when a federal jury awarded $1.8 billion in damages against the National Association of Realtors and two real estate brokerage firms.
Why were these real estate organizations sued? The plaintiffs (attorneys representing a large group, or “class,” of home sellers) alleged that real estate brokers and the National Association of Realtors have been using illegal and anti-competitive business practices. The jury agreed.
Let’s take a look at what a Real Estate Board class action lawsuit means for you and how you can get your money from it.
What does a real estate brokerage fee lawsuit involve?
Class action lawsuits are often incredibly complex. This focuses on simple questions. How much should a real estate agent pay to sell a home, and who should pay?
Here’s how a real estate sale typically works: Both home sellers and home buyers have their own real estate agents (for buyers and sellers) who split a combined commission, typically 6% of the sale price. So, if the home sells for $400,000, the real estate commission is 6% of that, or $24,000. The seller’s agent receives $12,000 (3% of the sale price) and the buyer’s agent receives $12,000 (3%).
The manuscript is Burnett The class action lawsuit basically argued that sellers shouldn’t pay commissions to buyer’s agents, and real estate commissions shouldn’t be 6%. In a truly competitive market for real estate sales, 6% is not a standard flat fee for all home sales. Instead of splitting the commission between themselves, real estate agents may have an incentive to secure more business by offering lower commissions or negotiating more aggressively to lower the price with homebuyers.
In many other areas of life, high sales commissions have already been eliminated. Most online brokerages no longer charge commissions on stock purchases, and online travel sites help customers get cheap flights and hotels without travel agent fees. In the same way, Lower real estate commissions can lower costs for home buyers and sellers.
But because real estate agents have a lot of control over the home selling process and because real estate agents own the Multiple Listing Service (MLS) to show homes available for sale, a federal jury found: Current real estate business practices are anti-competitive. It’s unfair to the customer. The lawsuit alleges that real estate agents and brokers violated antitrust laws by keeping real estate sales commissions unreasonably high.
Why Home Sellers Can Get Money in This Lawsuit
The lawsuit alleges that instead of helping home buyers and sellers get the best deal on each real estate transaction, these unfair business practices have left real estate agents with too much money, and home sellers want some of that back in cash. .
There are already many additional costs that come with owning a home, such as homeowners insurance and property taxes. If unfair trade practices in the real estate industry have made selling a home too expensive, home sellers may be entitled to compensation.
The jury agreed. Burnett Class action plaintiff. The $1.8 billion judgment found that real estate agents and brokerages were effectively charging excessive prices for home selling services in a manner that violated the rules of America’s free market. Some real estate agents and brokerages have agreed to settle lawsuits rather than continue to appeal and file lawsuits in court. The companies did not admit any wrongdoing, but agreed to pay about $208 million in settlements.
A person who receives money by settling real estate commissions
If you sold your home during certain periods within the past few years, you may be eligible to receive some money from this $208 million class action settlement.
Here’s a three-part test to see if you can get your money:
- You sold your home during the qualifying date range (exact dates will vary depending on your home’s location, but may include 2014-2024)
- The home you sold is listed on America’s Multiple Listing Service (MLS).
- You paid a commission to a real estate agent in connection with the sale of your home.
Learn more RealEstateCommissionLitigation.com. If you want to receive money from this lawsuit settlement, you must go to the website and submit a claim. May 9, 2025. The site will ask you to provide details about the sale of your home and any real estate commissions you paid as part of the sale.
conclusion
If you recently sold your home, visit RealEstateCommissionLitigation.com to see if you qualify for a class action settlement. This lawsuit could end the 6% real estate commission. Lower commissions on property sales may be bad news for real estate agents, but it’s potentially good news for people buying and selling homes.
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