The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement

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The way commissions have been portrayed in articles relating to this lawsuit are somewhat misleading. NAR or other Realtor organizations have never set commissions, they have always been negotiable, so when the headline says 6% commissions are gone, it's not reflecting reality. Individual companies have always been able to decide what commissions they are willing to accept and will continue to do so even after this lawsuit. The major change is that the commission split being offered to buyers agents will no longer be published in the multiple listing service and agents are going to have to verify what compensation is being offered through some other means. Buyers will have to agree to sign binding contracts with agents if they want representation and part of that contract will now be that they will have to pay compensation if it's not being offered through the multiple listing service. I kind of suspect that this is not going to result in the panacea that some consumers think it is going to, in terms of lowering the cost of buying or selling real estate.