In March 2024, the NAR and major national brokerages entered into a billion-dollar settlement with the Sitzer/Burnett plaintiffs. The settlement went into effect on August 17, 2024. Buyer agent commissions are now negotiable. According to Redfin, the typical buyer agent commission has already started declining – down from 2.61% in March to 2.55% in July. While home sellers will likely save thousands in commission, they are also more susceptible to legal pitfalls. Buyer agents are licensed and maintain strict paperwork as part of compliance requirements aligned to their licensure. They play a key role in keeping a transaction compliant and legally sound. No buyer agents mean an increased risk of non-compliance and litigation for both the home seller and the home buyer. So, what is the NAR settlement? And how does it impact sellers and buyers? Let’s find out.