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04/2024 - Revisions to Form 121: Exclusive Buyer Agency Agreement
The revisions include a Table of Contents.
The date on the bottom of the form is 04/2024.
04/2024 - Revisions to Form 121: Exclusive Buyer Agency Agreement
The use of a buyer agency agreement formalizes the relationship and responsibilities of each party. This form incorporates comprehensive revisions and includes several new sections and additional language on protections and transparency for the agent and consumer alike. Form #121 sets forth the parties' expectations and agency relationship, including the services provided to the buyer and how the brokerage is compensated.
The date on the bottom of the form is 03/2024.
NJ REALTORS® hosted a webinar on Tuesday, April 9 at 11:00 AM, where Barry Goodman and Yuliya Tedeschi reviewed the updated form. To watch the recording, click here.
03/2024 - Revisions to Form 125: Residential Lease
Section 20(B) Flood: requirement to provide Flood Risk Notice has been changed to "if applicable".
The date on the bottom of the form is 03/2024.
03/2024 - Revisions to Landlord's Notice to Tenant Regarding Flood Risk
Reference to N.J.S.A. 46:8-50(g) has been added.
The date on the bottom of the form is 03/2024.
02/2024 - Revisions to Form 118: Contract of Sale
The New Jersey law on flood risk notification, P.L. 2023, c.93, which takes effect March 20, 2024, requires sellers of real property to make certain disclosures concerning flood history and potential flood risk. NJ REALTORS® Form #118 has been updated in Section 16. Inspection Contingency Clause to include new subsection (F) Flood Risks.
The date on the bottom of the form is 02/2024.
02/2024 - Revisions to Form 125: Residential Lease & *NEW* Landlord's Notice to Tenant Regarding Flood Risk
The New Jersey law on flood risk notification, P.L. 2023, c.93, which takes effect March 20, 2024, requires certain landlords of real property to make certain disclosures concerning known and potential flood risks. NJ REALTORS® Form #125 has been updated under Section 20. Insurance to include new subsection (B) Flood.
Pursuant to the new law, there is also a new mandatory notice with the Lease, "LANDLORD'S NOTICE TO TENANT REGARDING FLOOD RISK".
The date on the bottom of revised Form #125 and the notice is 02/2024.
02/2024 - Revisions to Form 140: Seller Property Condition Disclosure Statement
Solar Panel Systems
- The revisions include updates to the Solar Panel System Section, new questions 109a. and 109b.
*NEW SECTION* Flood Risk
- The New Jersey law on flood risk notification, P.L. 2023, c.93, which takes effect March 20, 2024, requires sellers of real property to make certain disclosures concerning flood history and potential flood risk on the Seller's Property Condition Disclosure Statement. Based on the new law, the New Jersey Division of Consumer Affairs has updated the Seller's Property Condition Disclosure Statement to include new questions concerning flood risks required by law. NJ REALTORS® Form #140 has been updated with a new Flood Risk section on page 8, to comply with the law.
The date on the bottom of the form is 02/2024.
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