CEO DATELINE - National Association of Realtors target of antitrust lawsuit
CEO DATELINE - National Association of Realtors target of antitrust lawsuit
- March 20, 2019 |
- Walt Williams
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A class-action lawsuit filed earlier this month accuses the National Association of Realtors and the nation's four largest realty companies of conspiring to overcharge home sellers by forcing them to pay commissions to agents representing homebuyers, The Washington Post reported Wednesday.
The suit, filed in federal district court in Chicago, could ultimately apply to any seller who paid a broker commission during the past four years in many major metropolitan markets. In a statement to the Post, NAR Vice President Mantill Williams called the suit "baseless" and said it "contains an abundance of false claims."
The suit focuses on a NAR rule requiring brokers who list properties on local multiple listing services to include a "non-negotiable offer" to agents representing home buyers, according to the newspaper. The alleged consequence is home sellers pay larger commissions than their counterparts in overseas markets where there is no such requirement.
The plaintiff is Christopher Moehrl, who paid a commission of 6 percent on a home he sold in 2017. The other defendants are RE/MAX Holdings, Keller Williams Realty, HomeServices of America and Realogy Holdings. https://wapo.st/2FkHLA7
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