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The National Association of Realtors (NAR) has agreed to a settlement in a class-action lawsuit that alleged anti-competitive practices, leading to a major change in how buyers are charged commission. Under the terms of the settlement, home buyers will no longer be required to pay broker commissions which typically range up to 6%.
Historically, when a house was sold, the seller would typically pay a commission to both their own realtor and the realtor representing the buyer, with each typically receiving around