North Cincy News

A motion for preliminary approval of a settlement agreement has been filed in the Western District of Missouri, as announced by Katie Johnson. This development follows the proposed settlement disclosed on March 15, 2024, which aims to resolve litigation involving home sellers' claims related to broker commissions.

The filing triggers a 60-day period during which REALTOR® MLSs, brokerages with residential home sales transaction volumes exceeding $2 billion in 2022, and non-REALTOR® MLSs must take specific actions if they wish to be covered by the settlement. The deadline for these actions is June 18, 2024.

For REALTOR® MLSs owned by REALTOR® associations, an Appendix B – REALTOR® MLS “Opt In” Agreement must be executed and submitted within this timeframe. Eligible brokerages are required to complete Appendix C – Brokerage “Opt In” Agreement along with necessary documentation. Non-REALTOR® MLSs need to follow similar steps with Appendix D – Non-REALTOR® MLS “Opt In” Agreement.

Mike Rohde can be contacted at mrohde@nar.realtor for assistance with completing opt-in agreements. Further details about the settlement and its appendices are available at facts.realtor, where fillable versions will also be provided soon.

Johnson noted that the court's decision on the motion for preliminary approval is anticipated shortly. The practice changes outlined in the agreement are expected to begin in late July, with class notice occurring no earlier than August 17, 2024. Final court approval is still pending, with a motion expected later this year.

Updates on the settlement process will continue as it progresses toward implementation. Questions can be directed to Johnson or her team.