St George, UT - Today, the National Association of REALTORS (NAR) announced a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The settlement is still subject to court approval.
Although a settlement has been reached, NAR continues to deny any wrongdoing and continues to maintain that cooperative compensation and NAR’s current policies have been to the benefit of consumers.
The Washington County Board of REALTORS (WCBR) and its Multiple Listing Service (MLS) support the action taken by the NAR today, as it brings closure to litigation and provides our members a path forward. We are prepared to act on the changes as specified in the settlement, and in accordance with the timeline once formally approved.
The WCBR would like to stress that Utah may not see substantial changes as a result of the settlement. Utah real estate agents have been operating in an open and transparent fashion due to our forms and contracts, and professional customs. This includes (but is not limited to):
● Buyer Agency Agreements, which define the responsibilities and obligations of the agent and the cost of those services. ● Seller Listing Agreements, which explain the obligations of the seller, services offered by the agent and the cost of those services.
In addition, Utah laws are pro-consumer and have existing protections for home buyers and sellers through defined agency relationships, legal duties and obligations owed, and by requiring a written and clear understanding of how agents are compensated in a real estate transaction. This means that the WCBR and its members are well equipped and prepared to continue servicing members of our Washington County communities, with all their real estate needs.
The Utah (and Washington County) real estate landscape holds many options for home buyers and sellers, which offer both agent representation or no representation at all. No set commission structure exists, allowing brokerages, along with their clients, to negotiate and determine fees for the real estate services provided.
Our mission remains clear - to protect and promote the opportunity to own real property, and to support and offer tools and resources to highly qualified and educated real estate professionals as they assist buyers and sellers with the biggest financial transaction of their lives.