SOUTH BEND, Ind. (WNDU) – A landmark settlement is paving the way for an overhaul in how home buyers and sellers pay realtors’ fees.
Up until now, home sellers typically had to pay a 5% or 6% commission.
Going forward, buyers’ agents must discuss their compensation upfront. They will have to enter into a written agreement with a prospective home buyer before touring a property together.
The changes are part of a $418 million settlement announced in March by the National Association of Realtors.
John De Souza, president of Cressy & Everett Real Estate, joined us on WNDU 16 News Now at Noon to explain the changes going into effect this weekend. You can learn much more by watching the video above!
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