For Buyers and Tenants
If you are planning to purchase or rent real estate in NJ, and you would like to receive help from a real estate professional, NJ state law requires you first to enter into a Buyer’s Agreement, prior to scheduling and showing of properties or rendering any other real estate brokerage services on your behalf.
The Buyer’s Agreement is a legal document that explains the business relationship between the buyer/tenant and the agent, their roles, responsibilities, and obligations, including the amount of compensation or commission due to the agent that is paid by the buyer or tenant.
This law applies to all residential real estate transactions, including sales and rentals.
Every real estate agent in NJ must abide by this law and whether you go directly to the listing agent or want to work with a buyer’s agent, you must first sign a Buyer’s Agreement to receive brokerage service and/or representation. Without a signed Buyer’s Agreement, you can not receive representation or any other real estate brokerage services on your behalf in the state of NJ.
The law clarifies that the listing agent represents the seller and/or landlord only. If you want to receive any representation or brokerage services from the listing agent, you will still have to sign a Buyer’s Agreement in which the business relationship is defined.
Effective: August 1, 2024
The Law: NJ State law, Bill A4454/S3192, Real Estate Consumer Protection Enhancement Act
Application: All residential real estate, including sales and rentals
Commission: Paid by the buyer/tenant
For questions, please contact our office at 201-760-1100
