Some Minnesotans Might Be Owed Money From Selling Their House
FINANCIAL PAYOUTS TO HOME SELLERS IN MINNESOTA
If you have sold your home through RE/MAX anywhere between April 29th, 2014 to February 1st, 2024, you could be getting a financial payout due to a legal battle over real estate commissions.
HUGE LEGAL BATTLE OVER COMMISSIONS
According to the St. Paul Business Journal, 138.5 million dollars is being paid out to some home sellers as two real estate companies are starting the process of the payout, just a part of the huge legal battle over commissions.
The payouts are from a settlement agreement between two plaintiffs in multiple class-action lawsuits going on against the National Association of Realtors and many other real estate brokerages and listing services across the country.
WHAT COMPANIES ARE INVOLVED IN THE LAWSUIT?
Some of the companies involved in the lawsuit include Sitzer/Burnett, Moehrl, Anywhere Real Estate, and RE/MAX. You may be eligible to receive compensation if you sold a home in Minnesota through RE/MAX or any of the other companies mentioned. If you don't know if you're eligible for this payout, you can contact the settlement administrator to find out, by calling 888.995.0207.
FIND OUT IF YOU QUALIFY
If you want to participate in the settlement, you have to submit a claim form by May 9th, 2025, or ask to be excluded from the claim by April 13th, 2024.
According to a report issued by Keefe Bruyette & Woods, the 'unbundling' of commissions could trigger a 30% drop in annual commissions for real estate agents and a major decline in the number of real estate agents doing business. The commission pool being affected is estimated to be about 100 billion dollars annually.
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