Princeton + Jersey Shore - Christopher Norton Lieutenant Colonel Retired USAR

BIG Changes to how New Jersey Real Estate Sales are done

If you’ve got a future home purchase or sale on the calendar, you need to read this.

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In early July, Gov. Murphy signed Bill S3192/A4454, also known as the Real Estate Consumer Protection Enhancement Act, into law. The law, which goes into effect Aug. 1, 2024, strengthens both consumer and real estate licensee protections. My video, following, explains:

From a practical standpoint, I don’t expect it changes too much for the typical home buyer or home seller, but it DOES set up conditions where a prospective home buyer might need to come up with additional money in the form of closing costs if they fall in love with a home where the seller is unwilling to offer a concession towards the buyer agent’s fee. I should note that for many years now, it was customary for the seller to almost automatically offer that concession under a mis-guided assumption it was required to work that way.

Another key change for buyers is that in order to even view a home outside an open house setting they will need to enter into a buyer agency agreement, which is a legally binding contract that sets up the rules of engagement and terms by which a buyer’s agent would represent that buyer.

There are some other, lesser impact changes tied to the act noted on the two images following:

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We’ll keep close tabs on the impacts these changes make to how business is conducted over the next few months.

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