Buyers and sellers: Are you ready for the new house-hunting rules?

A landmark settlement governing how homes are bought and sold in the U.S. is scheduled to take effect Aug. 17, possibly upending the decades-old home sales process.

In the past, most home sellers paid both buyer and seller commissions after closing a sale. Most buyers paid their agents nothing.

Under the settlement, the traditional compensation system for agents and brokers could change, and it’s possible buyers will have to pay commissions on their own.

At a minimum, all...