3 months ago
6
ENGLEWOOD, N.J. (PIX11) – Buying a home is usually the biggest purchase anyone will make in their lifetime – and New Jersey wants to make the process better and safer for people on both sides of the transaction.
Gov. Phil Murphy signed the Real Estate Consumer Protection Enhancement Act earlier this month, which aims to protect home sellers from paying extra in commission fees. The law stems from a federal ruling that found the National Realtors Association made sellers pay more than they should have in fees.
The bill aims to clarify the fees and make sure consumers aren't ripped off by placing protections for both buyers and sellers, according to lawmakers. It impacts both residential and commercial sales.
The law also sets new requirements for anyone involved in the sales process: buyers, sellers, agents and even brokerage firms. New forms for both the seller and realtors are also required.
It goes into effect on Thursday.
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work Read Entire Article
English (US) ·