The National Association of Realtors (NAR) settled class action lawsuits totaling $418 million in 2024 and promised to change some of its business practices. One of the new practices will be for buyers to sign a “sales agreement” with their agent. These agreements clearly spell out the fees a buyer agent charges. They also stipulate that if an agent is unable to attain their fee from the seller, the buyer would have to pay the fee out of pocket.
It’s critical to understand the new landscape for transacting in real estate and working with real estate agents. To learn more about what buyers should do, watch the video below: