Homeowners owed $1B have just days left to claim payout... check if YOU qualify
Homeowners have until May 9 to submit a claim, which can be done online through the official settlement website.
The real estate industry was hit by its biggest shakeup in a century in August, when the agent commission system was overturned after a series of lawsuits against major brokerages.
Before August 17, an agent working on behalf of a seller would charge their client a fee of around 5 to 6 percent, which would then be shared with the buyer's agent.
These fees became baked into house prices, helping to inflate values, and some realtors would push buyers toward homes with larger commissions.
The lawsuits argued the practice violated antitrust laws by allowing brokers to collude in order to raise commission prices, and the brokerages agreed to settle.
Anyone who sold a home during a specific date range and paid commission to a real estate agent is eligible for a payout.
When Americans file a claim through the official website, they must enter their personal details, and whether they wish to be paid via debit card, check, Zelle or Venmo.
There are five main settling parties, according to the official settlement website, which each encompass various brokerages.
The largest settlement, which amounts to $418 million, is with the National Association of Realtors (NAR) and HomeServices.
There is also a $110 million settlement with firms including Compass, Real Brokerage and Redfin, and a settlement with Anywhere, RE/MAX and Keller Williams.
There are also smaller settlements with firms such as Keyes and Real Estate One amounting to $8 million, and companies such as Side and Seven Gables amounting to $11.4 million.
The deadline to be excluded from any of the settlements passed in 2024, but Americans have until May 9 to submit a claim.
There are three criteria you have to meet in order to be eligible to claim a part of any of the settlements. It is not known how much each claimant could receive.
You must have sold a home during the eligible date range and paid a commission to any real estate brokerage in connection with the sale of the home.
Details of eligible date ranges for all settlements can be found here.
Americans must have also listed the home that was sold on a multiple listing service (MLS) anywhere in the US.
An MLS is a platform that real estate agents use to list properties for sale and find homes for buyers.
There are hundreds of different multiple listing services across the country, and real estate agents pay a fee to belong to them.
In exchange for membership, agents can post listings of the properties their clients are selling and view other agents' listings.
Traditionally, listing agents and buyer's agents participating in a MLS agreed to share commissions, with the buyer's agent's compensation included as part of the listing.
Consumers, however, cannot see this part of the listing. In theory, this system enables agents to 'steer' buyers to houses on which the commission is higher so they can profit more from a sale.
Under the new rules brought in following the landmark settlements, commissions for buyer's agents can no longer be listed on an MLS.
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