IMPORTANT ANNOUNCEMENT

New law, Real Estate Consumer Protection Enhancement Act, goes into effect August 1, 2024 which helps strengthen both consumer and real estate licensee protections. CLICK HERE TO READ THE BILL

This law is crucial to understand because it will affect every consumer and real estate licensee that is involved in any real estate transaction. Below is an infographic directly from NJrealtors.com outlining the six major changes.

IMPORTANT HIGHLIGHTS

Here are some major things you should be aware of moving forward:

• OPEN HOUSE DISCLOSURE MUST BE ON DISPLAY AND ALSO NEXT TO SIGN-IN SHEET (CLICK HERE TO DOWNLOAD)

• BUYERS AGREEMENT MUST BE SIGNED PRIOR TO SHOWING A HOUSE

• SELLER’S DISCLOSURE NOW REQUIRED FOR ALL LISTINGS (CLICK HERE TO DOWNLOAD)

• IN DUAL AGENCY TRANSACTIONS WE CAN NOW COLLECT MONEY FROM BOTH BUYER AND SELLER

• COMMISSION PAID BY BUYER IS NOW CONSIDERED PART OF “CLOSING COST” AND SELLER CONCESSIONS CAN BE USED TO PAY BUYERS AGENT COMMISSION

• NJ REALTORS IS GOING TO BE LAUNCHING THE NEW BUYERS BROKER AGREEMENT WITH NON-EXCLUSIVE AND EXCLUSIVE OPTIONS ON AUGUST 1, 2024 (As soon as we have it, we will send out to all Signature agents and we expect it will also be uploaded to zip forms by NJ Realtors.)

• GETTING PAID COMMISSIONS TO AN LLC WILL BE ADOPTED IN 2025 (CLICK HERE TO READ - Jon Steingraber will be covering this topic this upcoming Monday, July 29th at 10am)

WATCH RECAP TRAINING WITH MARY CANO, CEO OF NCJAR, GOING OVER LAWS THAT TAKE EFFECT AUGUST 1, 2024

BUYER AGENCY AGREEMENT (PREVIEW)

NJrealtors.com recently announced that a new Buyer Agency Agreement will be released and will go into effect August 1, 2024. You can currently preview the document on their site, CLICK HERE TO VIEW FULL AGREEMENT.

Once we have a copy of the downloadable file, we will send another email to everyone so you can save it. Our understanding is that they will also be adding the final document directly to zip forms where you can access it easily.

DOWNLOAD UPDATED FILES

COMING SOON

These changes are all happening very quickly and in real time. Signature Realty NJ is staying up-to-date to relay all important updates as efficiently and effectively as possible.

We will continue to keep an open line of communication to best guide you through this major shift in the real estate industry. Contact us on LIVE CHAT if you need additional support. The following forms are still being drafted and we will share them once we have them:

• CIS

• Buyer Agency documents