New Yorkers who purchased a home in recent years may be eligible for a payment from a $28.5 million settlement involving real estate companies Keller Williams and RE/MAX.
Eligible homebuyers who purchased residential real estate listed on a multiple listing service may qualify, but claims must be filed by Tuesday, Aug. 25.
The lawsuit alleged that major real estate companies helped keep buyer-agent commissions artificially high, increasing costs for homebuyers and limiting competition among agents. Keller Williams and RE/MAX deny wrongdoing and agreed to settle to avoid the expense and uncertainty of prolonged litigation.
Eligible claimants who submit valid claims could receive a share of the settlement fund. Individual payments will depend on
factors including the home's purchase price, the commission paid and the number of valid claims filed.
Who is eligible for a settlement payment?
According to the settlement website, you may qualify if:
- You purchased residential real estate in the United States during your state's eligible period, through April 14, 2026.
- The home was listed on a multiple listing service.
The eligibility period varies by state. In New York, eligible purchases date back to Jan. 25, 2015.
If you purchased more than one eligible property, you must submit a separate claim for each property.
What is the lawsuit about?
Plaintiffs alleged that the National Association of Realtors, Keller Williams, RE/MAX and other defendants worked together to limit competition among buyer agents, allowing commissions to remain higher than they otherwise would have been in a competitive market.
The lawsuit also alleged that the practices steered buyers away from homes offering lower commissions, potentially increasing costs for some homebuyers.
Keller Williams and RE/MAX deny the allegations and any wrongdoing. Both companies agreed to settle to avoid the expense and uncertainty of prolonged litigation.
Under the settlements, Keller Williams will contribute $20 million and RE/MAX will contribute $8.5 million to the settlement fund. Both companies continue to cooperate with ongoing litigation against other defendants.
The court has not determined that any defendant violated the law, and the case continues against other companies.
Contributing: USA Today
This article originally appeared on Rochester Democrat and Chronicle: New Yorkers could get money from $28.5M homebuyer settlement. Here's who qualifies
