A new competitive ballgame has been created by real estate fees settlement, according to an expert. Buyers and sellers need to be aware of the changes.

• Due to a recent class-action settlement, home sellers are no longer required to provide commission for both the buyer and seller agents.
• Some agents are discussing with home sellers the advantages of providing commissions to buyer's agents.
• It is crucial for homebuyers to comprehend the agreement forms before working with potential agents.

A class-action lawsuit settlement has resulted in new rules for buying and selling homes.

In March, the National Association of Realtors reached a $418 million settlement in an antitrust lawsuit where a federal jury determined that the organization and several major real estate brokerages had colluded to increase agent commissions on real estate sales and purchases.

The NAR maintained innocence during the verdict.

The settlement took effect on August 17.

The NAR's MLS facilitated compensation rates for both buyer and seller agents prior to the settlement. At the time of listing a property, the home seller negotiated with the listing agent what the compensation would be for a buyer's agent, which was displayed on the MLS. However, if a seller was unaware they could negotiate, they were typically locked into paying the listed brokerage fee.

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As a result of the settlement, the commission rates are officially removed from the MLS and home sellers are no longer obligated to offer commission for both the buyer and seller agents.

"Redfin CEO Glenn Kelman stated that the buyers now have the power to decide how much their agents earn, while the sellers have the ability to choose how much their agents receive, making the real estate market more competitive, according to CNBC."

Opendoor's head of real estate, Kerry Melcher, stated that any confusion around new practices among agents and consumers is likely to be temporary.

"Real estate agents are skilled at influencing the market, as their profession demands. Consequently, I don't think this will hinder the market's momentum."

Here's what to know.

What's happening with buyer and listing agents

Real estate agents may become accustomed to new rules, leading to inconsistencies that potential homebuyers might encounter in the market.

According to Claudia Cobreiro, founder of Cobreiro Law in Coral Gables, Florida, if you called five buyer agents for the same inquiry related to buying a home before August 17, "four out of five times," you would get the same answer.

Cobreiro stated, "Two out of five times, you'll receive the same answer."

Consumers are experiencing confusion due to the varying instructions that real estate agents are receiving from their brokerage firms regarding the implementation of NAR settlement changes, as stated by her.

Real estate agents are informing home sellers about the advantages of providing commission to the buyer's agent, even if it's not a fixed amount or percentage, as Cobreiro explained.

Offering a commission can increase competition among agents, resulting in a higher sales price, she stated.

Listing agents now explain the benefits of still offering commission even though it is not required, as part of their job, according to Cobreiro.

What to know about buyer-broker agreements

A buyer-broker agreement is a contract between a real estate agent and a homebuyer that outlines the terms of their collaboration, with the objective of finding a house for the buyer to purchase, according to Cobreiro.

If the client purchases a property that meets the criteria in the agreement within the specified timeframe, the agent is entitled to a commission for that purchase, Cobreiro stated.

She stated that the purpose of the form was to inform buyers that they were responsible for their own commission on the buyer's side.

If the seller does not offer commission, the buyer would be responsible for the commission listed on the buyer broker agreement, according to Cobreiro.

Melcher advised buyers to familiarize themselves with the appearance of buyer-broker agreement forms and be ready to inquire about the language and terms.

She stated that the forms are intended for buyers to comprehend after they have been read by them.

—CNBC associate producer Ryan Baker contributed to this story.