CHARLOTTE, N.C. — Buying and selling a house is a complicated and expensive process. But a recent court ruling could change how it works. Now, it might get cheaper to sell a house.
Let's connect the dots.
According to the New York Times, a federal jury found that the National Association of Realtors and several large brokerages had conspired to keep commissions for agents artificially high. The lack of competition led to sellers having to pay higher fees to brokers.
Under the verdict, pairing the buyer's and seller's commission could become separated. Instead, paying the buyer's broker fee could become part of the negotiations for buying a house.
Other changes could be in store as well.
Buyers might forgo using an agent at all -- in other countries like the United Kingdom, only a seller has an agent. The buyer uses a lawyer to help negotiate a contract.
While it's not clear how it will change just yet, experts are predicting the home buying process will soon be getting an overhaul.
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