The National Association of Realtors (NAR) announced a settlement with groups of home sellers and agreed to end landmark antitrust lawsuits by paying millions in damages and changing up some rules. Rule changes, if approved by the courts, could take place mid-July. (File photo)

NORWICH — The National Association of Realtors (NAR), America’s largest trade association that represents over a million residential and commercial real estate members, recently announced a settlement with groups of home sellers.

The NAR agreed to end the landmark antitrust lawsuits by paying millions in damages and making mandatory changes of a few rules. The significance of the decision has real estate professionals and the public seeking information about its impact on them.

Howard Hanna Licensed Real Estate Agent Deborah Sutton said misleading information being shared online has added to the confusion. She said many incorrectly claimed the six percent commission fee is gone, but a commission percentage has never been set for the industry as a whole.

Sutton shared insight into the misleading information and some of the NAR proposed rule changes. She said the changes are scheduled to be approved through the court system in mid-July.

She said, "First of all, the National Association of Realtors or organizations of that type do not set commissions and all commissions are negotiable. There is no set in stone six percent commission, ever.”

"It might be a number that people have used through the years and have become accustomed to,” she added. “But I'm well familiar with local agents that charge seven percent in this area, and others that charge four percent.”