Real Estate Board of New York (REBNY) Redefines Local Laws

Real Estate Board Queens & NYC

The Real Estate Board of New York (REBNY) is making new rules for how real estate agents get paid, and this is causing issues in the real estate industry all over the country.

The new rule says that the agents who help people buy houses will no longer be paid by the agents who sell houses. Instead, the people selling their homes will have to pay the buying agents directly. The new rule also says that the agreement between sellers and agents must clearly show how much the buying agents will get paid.

REBNY is making these changes to make things more clear for customers and to make their services work better. These changes will start on January 1st.

This is happening while there are big lawsuits going on involving the National Association of Realtors, Keller Williams, and HomeServices of America. These lawsuits are about how agents get paid when they help people buy homes. The argument is about a rule that says agents who sell houses must pay agents who help people buy houses. Some people who sell their homes in Missouri and Illinois are saying that this rule breaks the law and helps agents get paid more.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555

I think the last time someone tried to draft their own real estate contract in order to avoid attorney fees they ended up in litigation which actually cost them triple. Don’t be silly, buyer and seller contracts can be confusing and require the highest level of legal expertise. Don’t hesitate to reach out to our Queens Real Estate Attorney today to schedule & fast & free legal consultation.