CHAMPAIGN, Ill. (WAND) — Media reports concerning a class action lawsuit settlement by the National Association of Realtors (NAR) have created some confusion as to commission rates involved in real estate transactions.
NAR has agreed to a $418 million settlement concerning lawsuits over broker commissions. As part of the settlement they admit to no wrong doing.
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The confusion is over reports which claim broker commissions are now set at a fixed standard rate of 6%. However, this is not true. Rates for commissions are negotiable according to Jim Waller of the Champaign County Association of Realtors.
“I’ve been doing it for 40 years,” Waller told WAND News. “The National Association of Realtors does not, and has never set commissions.”
Waller went on to say listing agreements have commissions listed in the paperwork.
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