REAL ESTATE LAW

Join us for this seminar as Lavelle Law attorneys Kelly Anderson and Chance Badertscher will unpack the complexities of Illinois commercial leases in order to prepare you for strong leasing relationships.

Lavelle Law real estate attorney, Chance Badertscher, recently participated in a Straight Up Chicago Investor Podcast and shared his expertise on what to expect on the final walkthrough before your real estate closing. He breaks it down and shares tips for both the buyer and the seller.

Starting this Saturday, August 17, 2024, new rules go into effect for the National Association of Realtors (“NARS”) that change the way realtors will be paid their commission when representing people buying and selling homes. These new rules came about as part of a $418 million settlement by NARS in March, and effectively eliminate the existing informal payment structures that have historically been used by realtors. Until now, sellers of homes typically would sign listing agreements agreeing to pay anywhere from 4-6% of the purchase price in commission, which commission amount would then be split between their agent and the buyer’s agent. So, Buyers did not have to pay anything to their realtor for their assistance. The new rules could change that.

New legislation is changing how realtor commission is paid in a home sale and laws have been introduced in several states in response to various lawsuits regarding transparency in real estate broker commissions. Lavelle Law Shareholder Kelly Anderson and Realtor Cathy Betourne discuss the implications for buyers, sellers, realtors, and the closing process.