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New NJ law would let brokers pay buyers

The New Jersey State Legislature is toying with a new bill that would allow brokers to cede a portion of their commission to clients in order to close a deal. While New Jersey is one of 11 remaining states in the U.S. to ban the practice, New Jersey Senator Nicholas Scutari said that allowing brokers to pay buyers a part of their earnings could help move sales. “We’re trying to help the real estate market and to allow real estate agents and brokers to make deals happen,” Scutari said. The bill, which cleared the Senate’s Commerce Committee yesterday, is now under review by the Senate as a whole.

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