Biggest shakeup to buying and selling a home in a century starts today

Dramatic new rules overhauling the way realtors are paid for helping to sell or buy a home come into force today.

The changes, the most dramatic to hit the industry for a century, overturns the system of notorious commission payments levied by real estate agents.

Before August 17 an agent working on behalf of a seller would charge their clients a fee of around 5-6 percent, far more than almost anywhere else in the world.

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