NAR Settlement Update

Announcement of Forms Support Center:

LIBOR is pleased to offer its members a new Forms Support Center to help provide information about LIBOR’s forms. The LIBOR Forms Support Center will be staffed by an attorney, and can be reached by telephone at (631) 235-2826 from Monday through Friday from 9 AM to 4 PM, excluding holidays. Please allow up to two business days for a response. Please ensure you have your Member ID Number ready when you call so we can assist you with your questions.

Please note that this program cannot provide legal advice nor answer legal questions. Those questions should be referred to your broker or legal counsel. Members with general legal questions that are not specific to LIBOR’s forms can also continue to contact the New York State Association of REALTORS® (NYSAR) Legal Hotline is The NYSAR hotline is available Monday through Friday from 9 AM to 4 PM, excluding holidays and official NYSAR functions.

LIBOR’s New Forms

LIBOR has released eight newly revised forms to comply with changes required by the recent NAR Sitzer/Burnett class action litigation settlement (NAR Settlement) and certain MLS Rules. Click the link below to access the new forms, FAQ and webinar replay explaining the forms and compliance.

View New Forms and FAQ

The Facts for REALTORS®

NAR Settlement Update FAQs

Click the link below to view answers to frequently asked questions about the settlement, provided by NAR.
To stay up-to-date on the latest developments, visit facts.realtor.

View NAR's FAQ

LIBOR Launches New Forms Support Center for Member Assistance Beginning August 19

8/16/2024

LIBOR is pleased to offer its members a new Forms Support Center to help provide information about LIBOR’s forms. The LIBOR Forms Support Center will be staffed by an attorney and can be reached by telephone at 631-235-2826 from Monday through Friday from 9 AM to 4 PM, excluding holidays. Please allow up to two business days for a response.

Webinar Replay: Understanding LIBOR's Revised Forms & Compliance with the NAR Settlement

7/25/2024

LIBOR's CEO Doreen Spagnuolo and General Counsel Patrick Fife present an informative webinar discussing the practice changes required by the recent NAR Sitzer/Burnett class action litigation settlement. Doreen and Patrick also provide a thorough overview of LIBOR’s new forms, which were developed to comply with the settlement.

Click to Access Webinar Replay and Slides

New Guidance for Buyer Agreements

6/6/2024

NAR has developed a new guide on written buyer agreements to support members as they prepare for and adapt to the upcoming practice changes following NAR's settlement agreement. Beginning Aug. 17, a buyer representative working with a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours.

Get the Guide Here

Stay Updated with New NAR Rule Changes Effective August 17

5/24/2024

Attn: LIBOR Members! We wanted to let you know that LIBOR is working hard to update and revise all the necessary documents to comply with the new NAR rule changes taking effect on August 17. We’ll make sure to present these updated documents to you well before that date. This includes, but is not limited to, listing agreements, buyer broker agreements, and compensation agreements between brokers.

Litigation Update: Preliminary Approval of Settlement Agreement Granted

4/23/2024

Today, Judge Bough granted that motion which means that as of today, the settlement agreement is preliminarily approved. Settlement class members are now enjoined from filling complaints or prosecuting any claims based on the type of conduct at issue in Sitzer-Burnett and the other settled Actions on behalf of home sellers related to broker commissions against NAR or other parties that are released under the settlement.

Read the update

Dispelling 7 Myths About NAR's Proposed Settlement

4/17/2024

National Association of REALTORS® leaders have been talking to reporters and members full-time over the past month to correct the record about the association’s decision to resolve nationwide claims brought by home sellers. You can help by challenging inaccurate information that you see appearing in social media posts, news articles or elsewhere.

Read the Article

REALTOR® Magazine Digital Supplement

Read the special digital supplement of REALTOR® Magazine with 16 pages of important content that will dispel misinformation about the proposed settlement. It also includes valuable resources that help separate litigation facts from fiction, debunk myths, and help explain the importance of a written buyer agreement.

Read the supplement

NAR Litigation Settlement – What it Means for LIBOR Members

Gain clarity on NAR’s proposed settlement agreement and its current implications for LIBOR members. Hear about what we know so far concerning the new rules proposed in the settlement and what steps you can start taking now to prepare for the changes that are ahead.

Watch The Webinar

A Message from LIBOR CEO, Doreen Spagnuolo

3/22/24

Despite all of the news circulating about the NAR lawsuit proposed settlement, it's important to carry on with your usual business activities and remain patient about the changes that will lie ahead.

Right now, there are no rule changes that would alter how you currently operate as a real estate professional. You should be adhering to your broker's Standard Operating Procedures and maintaining your usual professional approach when representing buyers and sellers, ensuring transparency and honesty throughout.

90% of homebuyers have historically opted to work with a real estate agent or broker. Here’s why that’s unlikely to change, according to the National Association of Realtors

National Association of REALTORS’® REALTOR® Party Community Engagement Liaison addresses the misinformation surrounding NAR’s recent settlement and reiterates the value real estate professionals provide to consumers. Read more here:

National Association of REALTORS® Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers

The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below.

Correcting the Record: NAR Does Not Set Commissions

Following recent inaccuracies in media coverage, including the false representation or suggestion that NAR requires a standard 6% commission, NAR has issued a statement of facts regarding real estate commissions.

The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. Other rules throughout the MLS Handbook and NAR policy expressly prohibit setting or suggesting any such amount.

Read Statement