RE/MAX, Anywhere settlement details revealed
Claim forms will be sent to eligible class members soon, but it's not clear how much money individual sellers will receive.
New court documents provide insight into what the RE/MAX and Anywhere commission settlements will mean for eligible home sellers.
The details: Attorneys for RE/MAX, Anywhere and the Sitzer/Burnett plaintiffs submitted proposed notices that will be sent out to members of the class involved in the lawsuit.
The forms received initial approval from U.S. District Court Judge Stephen Bough and will be distributed at least 60 days prior to the opt-out deadline, which is April 13.
The settlement itself, which totals $138.5 million between the two brokerage companies, was granted preliminary approval in November and is scheduled to receive final approval on May 9. Anywhere has agreed to pay $83.5 million while RE/MAX settled for $55 million.
Who's covered in the settlement? If finalized, this settlement would resolve all claims for RE/MAX LLC, which includes all independent regions, franchisees and agents, according to a spokesperson. For Anywhere, it applies to all businesses under the Anywhere Real Estate Inc. umbrella, including all subsidiaries, brands, affiliated agents and franchisees.
Who will get a piece of the payout? Eligibility varies depending on the MLS area and date of sale. Sellers meeting these requirements would be able to participate in the class:
Sellers who listed and sold their homes on four Missouri MLS areas between Apr. 29, 2014, and Feb. 1, 2024
Sellers in service areas covered by any of the MLSs involved in the Moehrl case — which spans multiple states — who sold a home between March 6, 2015 and Feb. 1, 2024
Sellers in the MLS PIN coverage area (which is involved in the Nosalek case) who sold a home between Dec. 17, 2016 and Feb. 1, 2024
Sellers in other MLSs not specifically named who sold a home between Feb. 1, 2020 and Feb. 1, 2024
Along with selling a home within those various date ranges, a person is eligible if they listed the home that was sold on a MLS and "paid a commission to a real estate brokerage in connection with the sale of a home."
How much will individual sellers receive? The amount will depend on several factors, including final approval of the settlement and the number of submitted and approved claims. The pool of available funds will also be affected by attorneys' fees, expenses and settlement administration costs.
What do sellers need to do? Eligible class members will have until May 9, 2025 — a year after final settlement approval — to submit a claim. For those who want to file an individual lawsuit against RE/MAX or Anywhere related to commission issues, the opt-out deadline is April 13, 2024. The court will also accept objections through April 13, and class members can speak at the settlement hearing on May 9.
If the court approves the proposed settlements and an eligible class member takes no action, the seller won't get a payment. They also won't be able to sue Anywhere or RE/MAX in the future over these specific buyer compensation issues.