IMPORTANT REAL ESTATE CONSUMER INFORMATION FOR NEW JERSEY SELLERS-BUYERS-LANDLORDS-TENANTS:
In New Jersey, real estate licensees are
required to disclose how they intend to work with buyers and sellers in a
real estate transaction.(In rental transactions, the terms "buyers" and
"sellers" should be read as "tenants" and "landlords")
SELLERS AGENT:
A sellers agent works only for the seller
and has legal obligations, called fiduciary duties, to the seller which
include: Reasonable care, undivided loyalty, confidentiality, and full
disclosure. All material information supplied to the agent, by either
the buyer or a cooperating agent, will be conveyed to the seller.
BUYERS AGENT:
A buyers agent represents the buyer, and
all material information supplied to the agent by the seller or
cooperating agent, will be conveyed to the buyer. A buyers agent also
has fiduciary duties to the buyer which also include, reasonable care,
undivided loyalty, confidentiality and full disclosure.
DISCLOSED DUAL AGENT:
A disclosed dual agent represents both
parties in the transaction, however, may not, without express
permission, disclose that a seller will accept less than the asking
price, or that the buyer will pay a price greater than the offered
price. Before acting as a disclosed dual agent, brokerage firms must
make written disclosure to both parties. A brokerage firm acting as a
disclosed dual agent, cannot put one party's interests ahead of those of
the other party and cannot advise or counsel either party on how to
gain an advantage at the expense of the other party, from confidential
information obtained from either party.
TRANSACTION BROKER:
As a transaction broker, a licensee does
not represent either the buyer or the seller. All information acquired
from one party may be shared with the other party. A transaction broker
works with a buyer or seller, or both, in a sales transaction, without
representing anyone. A transaction broker does not promote the interests
of one party over those of the other party to the transaction. A
transaction broker primarily serves as a manager of the transaction,
communicating information between the parties, to assist them in
arriving at a mutually acceptable agreement and in closing the
transaction, but cannot advise or counsel either party on how to gain an
advantage at the expense of the other party.
It is critical, that as a participant in
a real estate transaction, you are advised and understand the terms of
how you are to be represented, and which is in your best interest. If
you are planning to become a party in a real estate transaction soon,
and are not sure which form of representation best suits your goals,
feel free to contact us for any information you may require. It will be
our pleasure.
No comments:
Post a Comment