Real estate giant agrees to eliminate the 6% commission for buying and selling homes in the US. The NAR settlement also includes payment of $418 million in damages.
The association is accused of artificially inflating the commissions its agents charge for each transaction. “NAR has worked hard for years to resolve this litigation in a way that benefits our members and American consumers,” Nykia Wright, acting executive director of NAR, said in a statement. The settlement could save Americans millions.