The National Association of Realtors (NAR) announced this Friday that it had reached an agreement to eliminate the controversial commission of up to 6% that its agents charge in home purchase and sale transactions in the United States.
The NAR settlement, which also includes payment of $418 million in damages, resolves multiple lawsuits against the association, which 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, said in a statement.