How Do the New Commission Rules Work?
The recent changes to real estate commission rules, which took effect on August 17, 2024, significantly alter how commissions are structured in real estate transactions. Historically, home sellers were required to pay commissions for both their listing agents and the buyer’s agents, typically resulting in total commission rates of around 5-6%. However, due to a recent settlement involving the National Association of Realtors (NAR), this requirement has been removed, allowing for more flexibility and competition in commission negotiations.
Click Read More below for Key Changes with the new law and Video to help better explain the potential impact.
