Advice for Working With a Home Buyer’s Agent This Spring

This article was first published on NerdWallet.com.

If you’re in the market for a home, you might wonder how you'll be affected by a class-action lawsuit involving real estate agents and commissions. On April 23, a judge granted preliminary approval to the settlement proposed in March by the National Association of Realtors, which means new rules are on track to go into effect in July or August.

None of which means you have to suspend your home search. Here’s what to know about working with a buyer’s agent this season.

What are the new rules?

In the lawsuit Burnett v. National Association of Realtors et al., a group of home sellers argued that NAR and some major real estate brokerages had enforced rules that effectively limited the sellers’ ability to negotiate on commissions. Sellers have traditionally set the commissions for the agents on both sides of the deal.

As part of the settlement, NAR promised to alter some business practices. The three main changes are:

• Buyers, not sellers, will decide how much the buyer’s agent will be paid for a completed sale.
• Commissions for...