August 17 is about more than just industry rule changes
Saturday is the first day consumers can get details about their settlement options — and is a critical day for agents who want to be covered by NAR’s deal.
August 17 isn't just the day that offers of compensation move out of the MLS and buyer agreements become mandatory across the U.S.
It's also notable for consumers: It's the first day that potential members of the class in the industry-shaking lawsuits over commissions can be officially notified about the NAR settlement and what their options might be.
The day the class notice is sent — which could be as early as August 17 or potentially come later — is also the last day for agents to become Realtors and therefore be covered by NAR's settlement of the commissions lawsuits.
The NAR Settlement FAQ page spells out these details and many, many more.
What agents need to know: It doesn't matter if you've been an NAR member for decades or hours — as long as you're a member on or before the day that class notices are sent, you're covered.
Which means agents still have a few days to try to get ahead of the expected class notification, though becoming an NAR member usually takes longer than that. There are some indications that membership has ramped up recently in light of the deadline, with agents choosing to join (or renew their membership) to ensure they are protected from future commissions litigation.
If you're not an NAR member on August 17, you will not be covered "regardless of prior membership length," the FAQ states.
Other things to keep in mind: Most brokerages are covered by the NAR settlement, but not all. About 90 brokerages with a residential transaction volume of greater than $2 billion in 2022 were left out of the deal.
However, the FAQ says individual Realtors "affiliated with brokerages with an NAR member as principal whose transaction volume in 2022 was $2+ billion are covered" by the settlement.