Why is there an additional $350 administrative fee for New Jersey, and is this fee mandatory? Do I need to pay it?
The $350 fee compensation is a standard administrative fee paid by the buyer's brokerage to the listing brokerage. This fee is disclosed in your listing agreement and on the MLS, representing a deduction from the buyer's broker commission. This cost covers the listing office's administrative tasks associated with creating and managing the MLS listing.
Importantly, this fee is not an additional cost for the seller; it is deducted from the buyer's broker commission during the closing process and will be detailed on the settlement statement.
You, as the seller, are not required to directly pay the $350 fee; it is subtracted from the buyer's broker commission at closing.