The National Association of REALTORS® (NAR) is reminding brokerages with a residential transaction volume of more than $2 billion in 2022 and MLSs, to opt in to its Settlement Agreement that would resolve claims brought on behalf of homesellers related to broker commissions by Tuesday, June 18 (instructions below). The Settlement Agreement is subject to final court approval, a hearing on which is scheduled for November 26, 2024.
Brokerages with a residential transaction volume in 2022 that exceeded $2 billion, and all MLSs, including those wholly owned by REALTOR® associations and others are required to opt into the Settlement Agreement to obtain a release of liability, according to a release.
State and local REALTOR® associations, individual NAR members and brokerages with an NAR member as Principal whose residential transaction volume in 2022 was $2 billion or below do not have to take any specific action to opt in to obtain a release of liability under the Settlement Agreement. However, they must abide by the terms of the Settlement Agreement, the release noted.
Eligible brokerages must have a Principal who is a member of NAR as of the date of class notice in order to opt in or be released, and NAR members must be members as of the date of class notice in order to be released.
Instructions on how to opt-in are below (be sure to copy email addresses precisely):
If you are a brokerage with a residential transaction volume in 2022 that exceeded $2 billion:
- You must: Complete, execute and email Appendix C to realtorsoptin@jndla.com, realtorsoptin@cohenmilstein.com and nargovernance@nar.realtor by June 18, 2024. Step-by-step instructions available here.
If you are a REALTOR® MLS:
- You must: Complete, execute and email Appendix B to realtorsoptin@jndla.com, realtorsoptin@cohenmilstein.com and nargovernance@nar.realtor by June 18, 2024. Step-by-step instructions available here.
If you are a non-REALTOR® MLS:
- You must: Complete, execute, and email Appendix D to realtorsoptin@jndla.com, realtorsoptin@cohenmilstein.com and nargovernance@nar.realtor by June 18, 2024. Step-by-step instructions available here.
Following this opt-in deadline, NAR’s mandatory MLS policy changes implementing the settlement practice changes will take effect on August 17, 2024.
For the latest updates on the Settlement Agreement visit facts.realtor.
