NAR Proposed Settlement Agreement Timeline

The National Association of Realtors® announced a proposed settlement agreement, pending court approval, to end litigation claims brought by home sellers relating to the MLS cooperative compensation Model Rule. If the court approves this proposed settlement, NAR is expected to implement practice changes in late July.

New Jersey Realtors® encourages members to use the newly released New Jersey Realtors® updated Exclusive Buyer Agency Agreement, ahead of when the proposed settlement could take effect. Get this—and all of your forms—at njrealtor.com/zipform .

Visit facts.realtor for more information on the proposed settlement.

ESTIMATED TIMELINE OF KEY UPCOMING MILESTONES*

MARCH 15

NAR settlement agreement signed

MARCH 22

Plaintiffs file notice of Settlement / NAR withdraws pending motions and seeks to stay litigation

~EARLY/MID APRIL

Motion for Preliminary Approval

60 days later:

• Deadline for Realtor® MLSs to execute Appendix B (in order to be included as a Released Party)

• Deadline for Brokerages to execute Appendix C (in order to be included as a Released Party)

• Deadline for non-Realtor® MLSs to execute Appendix D (in order to be included as a Released Party)

~MID/LATE APRIL

Decision on Preliminary Approval

~LATE JULY

NAR to implement practice changes

~EARLY AUGUST

Class Notice

~MID/LATE AUGUST

Realtor® MLSs and opting in non-Realtor® MLSs and brokerages to implement practice changes

~SEPTEMBER

Anticipated Motion in Support of Final Approval

~DECEMBER

Final approval hearing (estimated date TBC)