/Independent trade coverage
The trade record for transaction coordinators
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Reference
The NAR settlement is the $418 million agreement the National Association of REALTORS reached on 15 March 2024 to resolve the Sitzer/Burnett commission litigation. Its practice changes, effective 17 August 2024, altered how buyer representation and compensation are documented.
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The practice changes took effect on 17 August 2024. The settlement itself was agreed on 15 March 2024 and received final court approval later, on 26 November 2024, after the changes were already in force.
$418 million, payable over four years according to HousingWire's reporting.
A buy-side file now opens with an executed written buyer representation agreement, and compensation terms that previously sat in an MLS field are carried in documents that have to be collected, matched against the contract and retained. Associations and brokerages reissued forms, so coordinators working across multiple brokerages often maintain several parallel form sets.
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Written buyer agreements became mandatory on 17 August 2024. The forms work that created is now routine, and there is nothing in the record to suggest it is going back.