The National Association of Realtors has met a second milestone in a goal of raising $7.5 million in licensing fees to obtain blanket immunity for multiple listing services and Realtor associations from legal claims by a company that holds several patents on location-based Internet search techniques.
Under an agreement with CIVIX-DDI LLC announced in May, NAR has until Aug. 16 to raise the money from Realtor associations, MLSs and Commercial Information Exchanges (CIEs). NAR negotiated the agreement at the request of about 50 MLSs that sought to avoid the expense of litigation or reaching individual settlements with CIVIX.
The agreement included milestones for NAR to raise $2.5 million by June 16 and $5 million by July 17. So far, NAR has collected and paid more than $5 million to CIVIX, said NAR General Counsel Laurie Janik.