What Does the Real Estate Commission Rebate Law Change Mean to Home Buyers? :: The Construction Management Pro

What Does the Real Estate Commission Rebate Law Change Mean to Home Buyers?

January 19, 2010 was an exciting day. Then New Jersey Governor Jon Corzine signed into law a bill sponsored by state Assemblyman Patrick J. Diegnan, Jr., Paul D. Moriarty and Joseph Vas  that allows New Jersey home buyers across the state to receive a cash rebate, once they close on their home, from real estate brokerages. With people being asked to come up with higher down payments and meet more stringent lending standards than ever these days, to purchase a house, the ability to get a check after closing – or even cover the closing costs with a rebate from your real estate agent, is sure to be a boon for both cash-strapped buyers and the New Jersey housing market overall.

The real estate industry, historically, has been about what’s best for the agent.  With the new Internet era coming into the real estate market place, the old industry model is broken. It is now permissible for Realtors to rebate a portion of the buyer Agent’s commission to the buyer.

Please contact me at 609-575-8564 if you are interested in purchasing 18 Lenox St., Newark, NJ and getting a check for more than $2,000 at closing.

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