NCJAR News
Dear Members,
We would like to inform you that the revised forms are now available on the GSMLS website (https://forms.gsmls.com/LIP.html). Please note that there will be no printed forms available for pick-up. All members are required to print the forms directly from the GSMLS website.
We encourage you to visit the website and familiarize yourself with the new forms as soon as possible.
Thank you for your cooperation.
CLICK HERE TO VIEW/ACCESS THE LISTING INPUT SHEETS
Note: Updated Listing Input Sheets CAN'T be used until August 1, 2024.
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
- Single Family Closed Sales were down 10.4 percent to 1,810.
- Townhouse-Condo Closed Sales were down 6.4 percent to 479.
- Adult Communities Closed Sales were down 6.4 percent to 44.
Governor Phil Murphy recently signed the Real Estate Consumer Protection Enhancement Act (Bill S3192/A4454) into law. Effective August 1, 2024, this law introduces measures to protect both consumers and real estate licensees in New Jersey.
Here are the key changes:
1. Seller's Property Condition Disclosure Statement Required
Sellers must provide a fully completed property condition disclosure statement before buyers are contractually obligated. This ensures buyers have all necessary information, promoting informed decisions and reducing potential disputes.
2. Designated Agency Allowed
Brokerages can now appoint different agents to represent both the seller and the buyer within the same transaction. This ensures full fiduciary duties to each client, even when represented by the same brokerage.
Attention NJ Realtors! Crucial changes to NJ licensing laws are going into effect on August 1. Don't miss this essential webinar to ensure you're fully prepared for these upcoming changes. This event is free for NCJAR members.
Why You Must Attend:
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Stay Compliant: Learn about the new requirements and how they impact your daily operations.
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Designated Agency: Understand how this new agency model works and its implications for you.
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Brokerage Service Agreements: Know what must be included and where to find these agreements.
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Compensation Offers: Find out how to get information on potential offers of compensation from sellers or listing agents.
