Tanya Monestier from her LinkedIn post:
“Well, I didn’t see this coming . . .
The DOJ has filed a statement of interest in Burnett. It’s not as detailed as the one in Nosalek, but two key points it makes:
1. Compliance with the NAR settlement does not insulate any defendant from DOJ antitrust action.
2. The requirement that an agreement be signed prior to touring a property may itself raise antitrust concerns.
Talk about a last-minute twist . . “
I actually think this is somewhat good news. What the DOJ takes issue with is the requirement for the buyer’s agreement to be executed before a home showing. They feel this could unnecessarily tie buyers to a single agent, limiting their opportunity to work with other agents and therefore reducing competition. I’ve always thought the timing of the buyer’s agreement signing was problematic. I’m hoping the judge makes a change here to move it closer to the offer stage.
The second matter relates to another antitrust issue. From my perspective, I don’t think anyone expected NAR or all the defendants to be completely off the hook for future antitrust claims. I believe the settlement even acknowledged that possibility. It seems the DOJ just wants to ensure that this point is absolutely clear.
