NCJAR News
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:
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.
