Not discussing the lawsuit in detail here. I see it as a neutral event to adapt to and not a big deal (unless you’re the NAR).
For now, it’s just a windfall for lawyers and bad news for NAR.
The appeals haven’t begun yet (nor have the lawsuits that are now starting to pile on) so it’ll be years before we’ll know where this all ends up.
My take is there’ll soon be more “safe haven” type of disclosure documents similar to the affiliate arrangements that builders use to get around their obvious conflicts.
You might find it shocking to learn that in many countries, there’s also a tax (VAT) on real estate commissions.
Real Estate Commissions in 25 Countries
Country | Buyer’s Agent Commission | Seller’s Agent Commission | VAT |
---|---|---|---|
Canada | 5% | 5% | 5% |
United Kingdom | 2.50% | 2.50% | 20% |
Australia | 2.50% | 2.50% | 10% |
Germany | 3.50% | 3.50% | 19% |
France | 3% | 3% | 20% |
Italy | 3% | 3% | 22% |
Spain | 3% | 3% | 21% |
Mexico | 3% | 3% | 16% |
Brazil | 6% | 6% | 0% |
India | 2% | 2% | 18% |
Japan | 3% | 3% | 8% |
China | 2% | 2% | 0% |
Turkey | 0.0% – 2.0% | 2.00% | 18% |
UAE | 2.00% | 2.00% | 5% |
South Africa | 7.00% | 7.00% | 15% |
Saudi Arabia | 2.50% | 2.50% | 15% |
Qatar | 2.00% | 2.00% | 5% |
Oman | 3.00% | 3.00% | 5% |
Kuwait | 3.00% | 3.00% | 5% |
Bahrain | 2.50% | 2.50% | 5% |
New Zealand | 2.50% | 2.50% | 15% |
South Korea | 2.00% | 2.00% | 10% |
Hong Kong | 1.0% – 2.0% | 1.0% – 2.0% | 0% |
Singapore | 1.0% – 3.0% | 1.0% – 3.0% | 7% |
Malaysia | 2.0% – 3.0% | 2.0% – 3.0% | 6% |
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