The Home Buyer Rebate, also referred to as a Realtor Rebate or Commission Rebate, is applied directly toward your closing costs. This means less cash that you need to bring to closing!
The state of NJ allows brokerages to provide a rebate to their clients, but not all companies are willing to. Our company is happy to offer it to our clients to help make home buying more achievable.
Here is an example of how the rebate works:
The total commission is 5% of the property's purchase price.
This gets split between the listing agent and buyer's agent.
The listing broker keeps 2.5% and NJ Real Estate Boutique receives 2.5%.
We then split that 2.5% commission with you!
You would receive a rebate of 1.25% of the purchase price.
For a home purchased for $800,000 your rebate could equal $10,000!
Consult a tax professional concerning any tax implications of receiving the buyer rebate in NJ. It is the purchaser's obligation to pay any applicable taxes.
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Buyer Rebate amount subject to terms of Exclusive Buyer Agency Agreement.
In New Jersey Commissions are negotiable.