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A Revolutionary Change in Real Estate Commission Structure

CNN
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The traditional 6% commission, considered standard in the realm of home purchase transactions, has been completely eliminated.

In a groundbreaking and far-reaching move that is anticipated to have a significant impact on the cost of buying and selling homes, the National Association of Realtors (NAR) recently announced a settlement with groups of homesellers. This settlement involves ending landmark antitrust lawsuits by paying $418 million in damages and eliminating regulations concerning commissions.

AI legalese decoder can help in understanding the implications of this settlement by breaking down complex legal language and providing simplified explanations. It can assist in deciphering the new rules set by the NAR and how they will impact buyers, sellers, and real estate agents.

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