New Jersey Real Estate Commission Rebate Ban Lift?
By Anthony Longo 17 03 2009
Hot off the press today, Inman news, announced that a bill is trying to be passed to make it “LEGAL” to allow real estate agents to provide a rebate or refund to buyers of real estate in the state.
Currently, commission rebates are allowed in 40 of the 50 U.S. states thanks to the Department of Justice who has been fighting on behalf of the general public in a massive case against real estate agents who in part have collaborated over many year an “anti-competitive” environment surround real estate commissions.
As of today – 10 U.S. states ban the use of real estate commission rebates – including New Jersey. Much more can be read on this topic here on our blog or on the Department of Justice website.
New Jersey is a market we have long been waiting to grow into as the “Gold Coast” including hot condominium markets – Hoboken, NJ and Jersey City, NJ.
We are currently planning on opening this market in the very near future and hope that the release of the real estate commission ban in New Jersey will allow us to prosper.
New Jersey’s General Assembly on Monday voted 46-25 to pass a measure that allows real estate brokers in the state to give rebates to homebuyers — counterpart legislation has not yet been passed by the state Senate.
The New Jersey Association of Realtors, a statewide real estate trade group, has earlier opposed legislation (see Inman News article) that sought to lift the state’s rebate ban.
A spokesperson for the New Jersey Association of Realtors could not be reached for comment after hours on Monday.
The U.S. Department of Justice has taken action to reverse statewide real estate rebate restrictions, and lists New Jersey at an Antitrust Division Web site among the states that prohibit real estate brokers from offering rebates to consumers. “New Jersey consumers are unable to benefit from rebates that consumers in other states may receive,” the Competition and Real Estate” site states.
Derek Eisenberg, a flat-fee broker who has operations in New Jersey, said, “I could not be happier about the (possible) repeal. It’s a huge boon to consumers that will indirectly let buyers negotiate commissions on the purchase the same way sellers can negotiate at time of listing.
For more information on Real Estate Rebates search our blog for real estate rebates or real estate refunds.
[...] Original post by Condo Blog – A Non-Corporate Blog From CondoDomain HQ [...]
[...] Original post by Condo Blog – A Non-Corporate Blog From CondoDomain HQ [...]
[...] Original post by Condo Blog – A Non-Corporate Blog From CondoDomain HQ [...]
[...] unknown wrote an interesting post today onHere’s a quick excerptNew Jersey Real Estate Commission Rebate Ban Lift? Check out what is going on with the real estate commission rebate or refund ban. Read the rest of this great post here [...]
[...] Jersey Real Estate Commission Rebate Ban Lift? Written by on March 17, 2009 unknown wrote an interesting post today onHere’s a quick excerptNew Jersey Real Estate Commission [...]
[...] Original post by Anthony Longo [...]
[...] Read more: New Jersey Real Estate Commission Rebate Ban Lift? [...]
[...] Read more here: New Jersey Real Estate Commission Rebate Ban Lift? [...]
[...] See the original post here:Â New Jersey Real Estate Commission Rebate Ban Lift? [...]
[...] post: New Jersey Real Estate Commission Rebate Ban Lift? Tags: celebirty-condo, commissions, condo-news, design, facebook, hoboken-condos, [...]
[...] New Jersey Real Estate Commission Rebate Ban Lift? [...]
[...] New Jersey Real Estate Commission Rebate Ban Lift? [...]
[...] New Jersey Real Estate Commission Rebate Ban Lift? [...]
Great job with the info. How did you find it? Please let me know.