Update on Real Estate Commission Lawsuit in Upstate
In a recent development, lawyers from the Upstate area have presented an update on an ongoing real estate commission lawsuit. The case, set to be heard in federal court in Charleston, accuses one of the region’s major realty firms of inflating commissions and contends that the home sellers should not be responsible for the full commission fees.
Decision to Centralize Pending
The U.S. Judicial Panel on Multidistrict Litigation will be deciding whether the lawsuit will be tried in South Carolina exclusively, or whether it should join similar buyer-brokerage cases from across the nation, to be heard by a single federal judge. This significant decision will determine how similar lawsuits are prosecuted in future, potentially affecting the dynamics of real estate sales nationwide.
Local Lawyers Weigh In
Upstate legal representatives, Pat Knie and Matt Shealy from Knie & Shealy Law Offices, have expressed an objection to the potential centralization of the case. They argue that the many cases of this nature, currently nearing 15, vary significantly in their specifics, thus case by case investigation is more prudent.
“We believe our case, particularly after the addition of 41 local broker defendants this week, requires a local approach. We’re looking at those who carried out the conspiracy directly, which was the local realtors,” Knie stated.
The National Settlements Separate from this Lawsuit
Shealy further clarified the distinction between their lawsuit in South Carolina and the national settlements.The lawsuit in question and the recent settlements by the National Association of Realtors and Keller Williams are completely separate, a detail the attorney believe is crucial to understanding the ongoing legal proceedings.
Shealy said, “The Missouri settlement has yet to be approved, and we strongly believe there are multiple issues with it. It releases numerous brokers without requiring any meaningful concessions from them. We intend to object vehemently when it’s up for approval.”
Upstate Lawyers Optimistic About Case Outcome
Despite the uncertainty surrounding the panel’s decision, Shealy and Knie expressed optimism about their case. “We felt like the panel posed challenging questions to those arguing for centralization, but we are confident in the strength of our arguments against centralization,” Knie shared.
The lawyers continue to pursue the primary goal of the lawsuit: to alleviate home sellers from the obligation of paying the commission of the buyer’s agent. They assert that this practice is unfair and should be discontinued.
Shealy reinforced, “Our main focus with this lawsuit is to challenge the system in which sellers are burdened with paying their opposition’s agent. It doesn’t make sense and should not have been allowed in the first place.”
There is more to come from the national settlements, with Knie highlighting the complications in both the Keller Williams and National Association of Realtors cases. Both lawyers intend to object to these settlements when they are set for approval later this year.
Details on the date of the panel’s decision are yet to be released, with expectations for the conclusion to be delivered within 10 days to two weeks.
Author: HERE News
