Real Estate Commission Lawsuit: How to Take Part in the $730 Million Settlement?

If there is one piece of news that has been making waves in the real estate world, it is the Real Estate Commission Lawsuit. This lawsuit has caught the attention of homeowners, real estate agents, and legal experts alike.

Why?

Because it involves a massive settlement of over $730 million for home sellers who may have paid inflated real estate commission fees.

If you sold a home in the United States through an MLS (multiple listing services) between October 2017 and July 2024, you might be eligible to claim a portion of this settlement. So, yes, the 72 Sold lawsuit is not the only one going on in this industry!

Hi. In today’s blog, this is exactly what I will be talking about! I will break everything down in simple terms so that you can understand how to take part in the lawsuit and what it means for the real estate market.

So, keep on reading this blog till the end and thank me later!

Real Estate Commission Lawsuit: What Is It About?

When people sell their homes, they usually hire real estate agents to help them with the process.

These agents get paid through commissions— typically a percentage of the home’s selling price.

However, a recent lawsuit claims that major real estate brokerage firms worked together to inflate these commission rates artificially. This means home sellers may have ended up paying higher fees than they should have.

The lawsuit accuses several real estate companies of breaking antitrust laws by making secret agreements that kept commission rates high.

This lack of competition allegedly forced home sellers to pay more without being given a fair choice.

Because of these allegations, the companies involved have agreed to pay a settlement to compensate eligible home sellers.

Major Allegations in the Real Estate Commission Lawsuit

The lawsuit centers around a few key claims:

• Real estate brokerages conspired to keep commission rates high.
• Home sellers had little choice but to pay these inflated fees.
• The alleged unfair agreements violated antitrust laws.
• As a result, home sellers paid more than necessary in real estate commissions.

Because of these claims, the lawsuit led to settlements that will now distribute money to affected home sellers.

Who Is Eligible to File a Real Estate Commission Lawsuit Claim?

If you meet the following conditions, you may be eligible to receive money from the settlement:

1. You sold a home between October 31, 2017, and July 23, 2024.
2. Your home sale was listed on a multiple listing service (MLS).
3. You paid a commission to a real estate brokerage.

Furthermore, it does not matter where you live in the United States. If you meet these criteria, you can file a claim. To find out more about specific date ranges and eligibility, visit the official settlement website.

Can You Still File a Claim?

Yes! If you qualify based on the eligibility criteria, you can still file a claim. However, there are deadlines for submitting claims, so it is important to act quickly.

You can visit the settlement website to get up-to-date information on the filing process and deadlines.

Here are some of the important dates that you have to keep in mind when it comes to this lawsuit:

Last Date to Step Back	28th October 2024
Object to Settlement	28th October 2024
Attend Hearing	26th November 2024
Last Date to Submit a Claim	9th May 2025

Settlement Amounts

Several real estate brokerage firms have agreed to pay into the settlement fund. Here is a breakdown of what each company has agreed to contribute:

• Compass Inc. – $57.5 million
• Real Brokerage – $9.25 million
• Realty ONE – $5 million
• @Properties – $6.5 million
• Douglas Elliman – $7.75 million (with up to $10 million more in additional payments)
• Redfin – $9.25 million
• Engel & Völkers – $6.9 million
• HomeSmart – $4.7 million
• United Real Estate – $3.75 million

The total settlement is over $730 million, which will be distributed among eligible claimants based on the terms outlined in the lawsuit.

How Can You File a Real Estate Commission Lawsuit Claim?

A real estate lawyer is the best person who can help you in such cases. To file a claim, follow these steps:

1. Visit the Official Settlement Website: Go to RealEstateCommissionLitigation.com to get started.
2. Check Your Eligibility: Use the tools on the website to see if you qualify.
3. Fill Out the Claim Form: Provide necessary details such as your name, contact information, and home sale details.
4. Submit Supporting Documents: You may need to upload proof of your home sale, such as sales contracts or commission payment receipts.
5. Wait for Processing: After submission, your claim will be reviewed, and you will be notified about your compensation.

Know About Buyer-Broker Agreements Before Listing Your Property!

A key lesson from this lawsuit is the importance of understanding real estate contracts before signing them.

Many sellers unknowingly agree to commission terms that favor real estate brokers. Future sellers can avoid overpaying in commission costs by learning about buyer-broker agreements and negotiating commission fees upfront.

How Will This Lawsuit Impact Commissions and the Housing Market?

This lawsuit is expected to change the real estate industry in several ways:

• Lower Commission Fees: The traditional 6% commission rate may be reduced, leading to potential savings for home sellers.
• More Transparency: Home sellers may have more power to negotiate fees, rather than accepting standard rates.
• Impact on Real Estate Agents: Some agents may earn less due to lower commissions, affecting the real estate industry’s structure.
• Possible Changes in Home Prices: Some experts believe that lower commission fees may lead to lower home prices, but opinions on this vary.

Wrapping It Up!

In conclusion, the Real Estate Commission Lawsuit represents one of the largest settlements in the real estate industry, providing home sellers with a chance to recover funds that they may have overpaid in commission fees.

If you sold a home through an MLS from October 31, 2017, to July 23, 2024, and paid a commission fee, you may be able to file a claim.

Be sure to check out the official settlement site, RealEstateCommissionLitigation.com, to find more information, and submit a claim prior to any deadlines.

Additionally, home sellers can more fully understand how this lawsuit impacts commission fees and the market when they look back on this case.

If you are preparing to sell a house, this case gives a good excuse to check commission agreements carefully and negotiate your fees.

Read Also:

• Addendum vs Amendment: How Do They Change Contracts?
• Smoothstack Lawsuit: Beware of Unlawful Wage Scheme and Employment Contracts
• White Oak Global Advisors Lawsuit: Why Understanding Contractual Terms in Financial Services is Important!