BrokerageIndustry News

New Jersey OKs buyer rebates

All but 10 states now allow real estate rebates

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Real estate brokers in New Jersey will be able to offer rebates to homebuyers with the passage of a law that leaves just 10 states with laws against rebates to consumers on the books.The New Jersey Association of Realtors remained opposed to the law, but did not actively lobby against it, after it was amended to address several issues of importance to the group, said NJR Executive Vice President Jarrod Grasso."The bill that was introduced and what was signed into law, in regards to consumer protections, are dramatically different," Grasso said.As introduced, Asembly Bill 373 would have permitted all real estate licensees to offer rebates to both buyers and sellers. The bill passed by the New Jersey Senate on Jan. 7 and signed into law by Gov. Jon Corzine stipulates that only brokers can offer rebates, and only to buyers.Rebates must be spelled out in a buyer agency agreement or similar contract at the beginning of a brokerage relationship, and must be provided in the form of ...