Legal Question in Real Estate Law in New Jersey
My wife and I are looking to buy a REO/Short Sale home in NJ. We have been told by some Real Estate brokers, that they will get paid from the bank we buy the property from, with no additional commision from us needed. While others never say anything about the bank paying them, but want to charge us a commision percentage of the sale.
What is common practice for buyers purchasing REO/Short Sale Forclosures.
Is it legal to charge a percentage ontop of the bank's commision?
Thank you
1 Answer from Attorneys
I would not agree to pay a commission to a realtor when you buy a house.
In New Jersey, seller pays the commission.
I have no idea if it is legal for realtor's to charge the buyer. Simpler to avoid that extra cost. Just refuse. There are hundreds of realtors dying to get your business!
Please let me know if you would like me to represent you when you do buy a house. I would be happy to help you out.
Robert Davies, Esq.
The Davies Law Firm, P.A.
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