The New Jersey Real Estate Commission has released a new Consumer Information Statement (CIS). This updated form is crucial for REALTORS® to understand and implement immediately. It outlines the agency relationships in real estate transactions and must be provided and signed by clients before any confidential information is disclosed.
The Consumer Information Statement (CIS) is a critical document in New Jersey real estate transactions, required by law to inform clients about the nature of the relationship between them and their real estate professionals. The CIS outlines five possible relationships: Seller's Agent, Buyer's Agent, Disclosed Dual Agent, Designated Agent, and Transaction Broker. Each relationship has specific duties, including loyalty, confidentiality, and full disclosure, which are essential for protecting clients' interests and ensuring transparency in transactions.
Key Relationships:
- Seller's Agent: Represents only the seller.
- Buyer's Agent: Represents only the buyer.
- Disclosed Dual Agent: Represents both parties with limitations on confidentiality.
- Designated Agent: Represents either the buyer or seller while the firm remains a dual agent.
- Transaction Broker: Assists in the transaction without representing either party.
Download the NEW CIS Statement Here
Ensure all clients sign the CIS FORM!
