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I am sure you have heard about the new rules coming to real estate after NAR (National Association of Realtors) came to a settlement agreement with the DOJ. Well, in New Jersey those rules are being applied as of TODAY, August 1st, 2024. I'll be writing in a bit more detail about this on the blog on my website, but I'm also available to chat if you have questions.
If you decide to hire the services of a real estate agent. For more details see the NAR links. Also, speak with your agent for more specifics and clarification.
For Buyers, you now must sign an agreement with the agent you choose to represent you. Buyer agreements have always existed but most agents did not enforce them. Per this agreement, you will agree to pay a fee to that agent on whatever terms, amount, and conditions you negotiate with them. However, this payment can be put onto the seller and negotiated that way. The rule derives from from the new change that agents are no longer allowed to share their commission with each other. Your other option is to choose to remain unrepresented, which can leave you open to otherwise avoidable challenges later.
Here is NAR's facts for Buyers
For Sellers, you are permitted to offer compensation to a buyer's agent, as you always have had the option to. However, it may not come from what you are paying the agent to sell/rent your property. It instead must come in the form of a concession and can be negotiable. The other major rule change is that seller disclosures are now required to be signed, regardless if you have lived in the property or not.
Here is NAR's facts for Sellers
Any questions on these topics, reply to the email or give me a call. I will likely have a more thorough write up about this on my blog.
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