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NAR Settlement Updates
On Tuesday, November 26, 2024, Judge Stephen R. Bough granted final approval on NAR's Class Action Settlement that was filed on March 15, 2024. This decision finalizes NAR's settlement terms and mandatory MLS policy changes that took effect in August 2024.
Keeping Our Members Informed.
Welcome to LCAR's dedicated information page on the NAR Settlement. Our mission is to keep our members well-informed with the latest developments. This page is actively updated throughout the progression of the settlement's timeline. Please check back regularly for the most current information, updates, and resources.
About The Settlement
In March 2024, the National Association of REALTORS® announced an agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. (Read More)
As of Tuesday, November 26, 2024, the settlement received final approval. This cements into place the terms of the settlement, along with NAR's mandatory MLS policy changes, which took effect in August 2024.
Staying In the Know
Helpful webinars and video updates from the Lancaster County Association of REALTORS®
Buyer Agents: Show Your Value, Earn Your Fee!
An exclusive webinar available to LCAR membership
The One About Buyer Agency
Bright Seller Concession Fields Webinar
An exclusive webinar available to LCAR membership
Standard Forms Updates
The Pennsylvania Association of REALTORS® updated several of its standard forms due to the National Association of REALTORS® lawsuit settlement announced earlier this year.
The updated forms went live on Thursday, August 1, on PARealtors.org and in electronic forms providers. Drafts of the revised forms can be reviewed here.
To keep members informed, PAR scheduled a series of important webinars for members to attend and learn more about the upcoming changes. Chief Legal Officer Hank Lerner, Esq., and PAR Associate Counsel Kacy Clouser were present to review the changes and advise attendees on how to implement the revised forms into their daily business.
Full Standards Forms Update Webinar | August 23, 2024
Bright MLS Updates
Keeping members informed throughout the MLS.
Bright MLS is actively updating members on the NAR Settlement, offering a series of sessions and webinars to help keep agents well-informed on the most recent MLS changes. Members can click the links below for a list of resources from Bright along with a link to the Bright MLS website for more information.
- Dispelling Myths about Real Estate Commissions and the MLS by Lisa Sturtevant, PhD, Chief Economist, Bright MLS
- Fact or Fiction? Commission Sheet, Dispelling Myths About Real Estate Commissions and the MLS
- 2024 Rule Update Comparison Chart, as of July 2024.
- Bright NAR Settlement Update
- Bright Disclosure Form
- Summer 2024 Top Questions, Summer Policy Updates take effect August 14, 2024.
- Overview of Concession Updates, 3 Things To Know About Concession Fields
Written Buyer Agreements Guide
New Guidance for Members on Buyer Agreements
The National Association of REALTORS® has developed a new guide on written buy agreements to support members as they prepare for and adapt to the upcoming practice changes following NAR's settlement agreement.
Beginning August 17, a buyer representative working with a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. Also available at
facts.realtor,
we encourage LCAR members to review the guide by clicking the button below.
Consumer-Friendly Information & Guidance
Information To Share With Your Clients
A variety of resources to help keep your clients informed throughout the NAR Settlement.
The Lancaster County Association of REALTORS® is delighted to provide valuable resources for members to empower and inform their clients. Whether they are first-time homebuyers, or purchasing a home for retirement, these resources will ensure all consumers are well-informed through the NAR Settlement.
- Client FAQs Sheet: A quick template for your to present to clients to better understand how they will be affected by the NAR Settlement.
- NAR Social Media Toolkit: A selection of social media tools offered by NAR to use on public-facing platforms.
- 179 Ways Agents Who Are REALTORS® Are Worth Every Penny Of Their Compensation:
A list of bullet points that breakdown a REALTORS®
value and list of services.
More Pages & Resources
About Us
Since its inception in 1917, the Lancaster County Association of Realtors (LCAR) has been deeply involved in providing buyers and sellers with knowledgeable, ethical and competent agents.