Ralph Mantica President at Ohio REALTORS | Facebook Website
Ralph Mantica President at Ohio REALTORS | Facebook Website
There are just a few days left before the implementation of NAR’s practice changes on August 17. Today, we want to make you aware of “class notice,” which could come as early as August 17, and how real estate professionals should answer questions from consumers should they arise.
Class notice is a court-approved process through which members of the “Settlement Class”—home sellers who sold a home during the eligible date ranges, the home was sold on an MLS anywhere in the U.S., and paid a commission to a real estate brokerage in connection with the sale of the home—will be informed about NAR’s proposed settlement of the Sitzer-Burnett case. Notices will be distributed by mail and electronically. Class notice informs class members of their rights, options, and deadlines to exercise those rights and options under the proposed settlement. Watch NAR’s video on what class notice means for REALTORS® here.
Consumers in your area may have already received a notice regarding separate settlements made by certain brokerage firms; however, this notice will be new and address NAR’s settlement.
It is important to underscore that NAR does not manage the class notice process. NAR members may nonetheless receive questions from consumers. NAR members should direct consumers to the settlement website (www.RealEstateCommissionLitigation.com) where they can find relevant information. You may also direct them to call the settlement administrator at 888-995-0207 for additional guidance. NAR members should refrain from further advising consumers on class notice.
Lastly, please take note of the following updates:
The practice changes are detailed here and clarifying information is available in our FAQ on facts.realtor.
To obtain a release of liability under the settlement, you must be a REALTOR® on the date of class notice.
NAR updated the FAQ, including a new section on transaction brokerage (#80-86).
NAR will host a webinar on the practice changes on August 15 from 3 to 4 PM CT. Access it here.
NAR is making the popular Accredited Buyer’s Representative (ABR®) designation course available to REALTORS® at no cost throughout 2024: abr.realtor.
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