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The Justice Department Is Suing NAR
[/vc_custom_heading][vc_column_text]Inman reports today that the U.S. Department of Justice has filed an antitrust lawsuit against the National Association of Realtors alleging the trade group’s rules are illegal restraints on Realtor competition.
Simultaneously, the federal agency filed a settlement requiring NAR to repeal or change several of its rules, including: prohibiting affiliated MLSs from disclosing to prospective buyers the commission buyer brokers earn; prohibiting buyer brokers to represent to buyers that buyer broker’s services are free; enabling buyer brokers to filter MLS listings based on commissions offered; and limiting lockbox access to agents who work for a NAR-affiliated MLS.
We see this as a win for consumers and brokers/agents who do not wish to affiliate with NAR but are forced to do so when their MLS and brokerage require it for access.[/vc_column_text][vc_column_text]
If the settlement is approved by the court, competition in the real estate market will be improved, home buyers will be better informed, and it is one less vehicle for NAR to penalize agents/brokers who choose not to affiliate with their trade group.
The DOJ will publish the proposed settlement in the Federal Register (required by the Antitrust Procedures and Penalties Act). Written comments may be submitted regarding the proposed final judgment within 60 days of its publication to Chief, Office of Decree Enforcement and Compliance, Antitrust Division, U.S. Department of Justice, 950 Pennsylvania Ave., N.W., Washington, DC 20530. After the 60 days, the court may approve the proposed judgment if it finds it serves the public interest.
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