Sunday, December 8, 2024

New real estate rules come into effect, affecting both buyers and sellers

New rules for the residential real estate market hit Saturday, and anyone in the market to buy or sell a home will face unfamiliar and potentially confusing processes.

The “practice changes” stem from a 2023 legislative decision regarding the way real estate agents are compensated.

Traditionally, when selling a home, a commission of about 5% to 6% was paid by the seller and split between the buyer’s and seller’s agents. That system helped keep commissions higher than they otherwise would have been, the lawsuit alleged. It also meant that a seller had to pay an agent to represent the other side of the deal, a practice many observers considered inappropriate.

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