Today the New Jersey Real Estate Consumer Protection Enhancement act goes into effect

Today the New Jersey Real Estate Consumer Protection Enhancement act goes into effect. The law strengthens both consumer and real estate licensee protections.

1. Sellers must provide a fully completed property disclosure statement before a buyer signs a contract.
2. Listing agents are required to disclose their representation (the seller) at open houses.
3. Designated agency is now permitted.
4. All licensees must use brokerage agreements which outline what services they will provide.
5. Listing agreement will not set forth the amount of compensation. Compensation is negotiable.
6. Classes on agency are now required part of continuing education.

Agents must also “ascertain all material information” about a property which would affect the value and disclose that information to the parties to the transaction.

See S3192/A4454 effective August 1, 2024 and contact me for more information