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11/2022 - Revisions to Form 118: Contract of Sale

This form revision recognizes drinking water health advisories issued by federal, state and/or municipal agencies. The update can be found in Section 16. INSPECTION CONTINGENCY CLAUSE new paragraph (H) Water Quality.

The following Section has also been updated: Section 27. FAILURE OF BUYER OR SELLER TO CLOSE by adding the following language, "If either Seller or Buyer commence such an action, in addition to any other remedy, the prevailing party will be entitled to reasonable attorneys' fees, costs and such other relief as is determined by the Court."

The date on the bottom of the form is 11/2022.

10/2022 - Revisions to Form 125: Residential Lease & Form 142: Seasonal Residential Lease

Gov. Murphy signed S1368 into law which sets new rental insurance requirements.

The owner of a rental unit/units shall maintain liability insurance for negligent acts and omissions of no less than $500,000, which includes combined property damage and bodily injury to or death of one or more persons in any accident or occurrence. If the home is a multifamily home of four or fewer units, with one being owner-occupied, the insurance requirement is $300,000.

The law goes into effect November 3, 2022 for new policies and February 1, 2023 for current renewal policies.

The New Jersey REALTORS® Standard Form of Residential Lease, Form #125 and the New Jersey REALTORS® Standard Form of Seasonal Residential Lease, Form #142 have been updated to reflect the new law. The revisions are in Section 20 and Section 22 of Form #125 and Section 34 of Form #142.

The date on the bottom of both forms is 10/2022.

10/2022 - Updated Form: Independent Contractor Agreement Addendum Regarding Teams

This form update recognizes the New Jersey Real Estate Commission (REC) Bulletin No 22-07 regarding Teams.

The date on the bottom of the Addendum is 10/2022.

07/2022 - Revisions to Form 118: Contract of Sale & Form 125: Residential Lease

Governor Murphy signed the Lead Remediation Requirements. Beginning July 22, 2022, lead paint inspection and remediation will be required for residential one- and two-family rental properties upon tenant turnover or by July 24, 2024, if there is no tenant turnover. This new law is not currently tied to time-of-sale requirements.

New Jersey REALTORS® has however, updated the Statewide New Jersey REALTORS® Standard Form of Real Estate Sales Contract to provide notice to Buyers who are purchasing the property with tenancies or who may use the property as a rental in the future. The revision is in Section 12. Lines 213-214 and Section 13, new (D) Rental Dwelling Inspections.

New Jersey REALTORS® has also updated the Residential Lease, Section 35 by adding new (B) New Jersey Lead-Based Paint Inspection Law Acknowledgement.

Date on the bottom of both forms is 07/2022

For more information, please visit https://www.njrealtor.com/lead

05/2022 - Updated Form: Seller Property Condition Disclosure Statement

Governor Murphy signed A-2685 which requires that when a seller discloses on the property condition disclosure statement awareness of water leakage, accumulation or dampness, the presence of mold or other similar natural substance, or repairs or other attempts to control any water dampness problem on the property, the real estate broker, broker-salesperson, or salesperson shall refer the buyer of the real property to the "Mold Guidelines for New Jersey Residents" pamphlet issued by the New Jersey Department of Health, www.njrealtor.com/mold-guidelines-pamphlet, and, if requested, give the buyer a physical copy of the document.

New Jersey REALTORS® Seller Property Condition Disclosure, Form #140 has been updated with a new question 126. to reflect the law; with further clarification regarding buyers' rights.

Date on the bottom is 04/2022

02/2022 - New Form: Lease Rider Regarding Steam Radiator Notice

Governor Murphy signed legislation requiring residential landlords to install covers on steam radiators, upon the written request by a tenant. The owner of a residential rental property that contains uncovered steam radiators shall provide each tenant with notice of their right to request that the landlord provide and install covers. Such a notice shall be provided as a rider to any written residential lease agreement and in writing at least annually. The notice also will have to be posted in a conspicuous place in the common area where notices are normally provided to tenants.

New Jersey REALTORS® has developed a Lease Rider Regarding Steam Radiator Notice to our Residential Lease, Form #125.

Date on the bottom is 02/2022

02/2022 - Revisions to Form 118: NJ REALTORS® Contract of Sale

Governor Murphy signed S3081 which repeals law concerning excess rates and charges for title insurance. Any agreement by a consumer to use the services of a title or settlement service company shall be subject to the attorney review, if any, which is part of the contract for sale of real estate and may be revoked in the same manner as provided in the contract for the sale of real estate.

New Jersey REALTORS® has updated the Statewide New Jersey REALTORS® Standard Form of Real Estate Sales Contract to reflect the new law. The change is a new third paragraph in Section 8, page 4.

Date on the bottom is 02/2022

12/2021 - Updated Form: Addendum Regarding Solar Panel Systems

This form update recognizes a new form of solar renewable energy certificates (RECs) is available from the New Jersey Board of Public Utilities. The form now acknowledges that a solar facility can be receiving one of three types of RECS, each of which has a different value:

• Regular SRECS (from the Legacy Program)
• Transition RECS, known as TRECS (from the Transition Programm)
• SRECs II (from the Successor, or SUSI Program)

Date on the bottom is 12/2021

12/2021 - Updated Form: Open Public Records Act Notice to Buyers

November 2021, Governor Murphy signed S-1047, which amends the Safe Harbor Provision of the Consumer Fraud Act to provide the same protections for sellers' and buyers' agents and transaction brokers when it comes to receiving inaccurate information about a property through an OPRA request. This new law is now in effect. This law applies to all information covered by the Safe Harbor Provision, not just OPRA requests, and now applies to all licensees. Just as important to expanding its coverage to all licensees, there is no longer any liability for any licensee if they fall within the Safe Harbor Provision. However, since New Jersey REALTORS® still recommends that an agent have the buyer or seller submit the OPRA request, the OPRA Notice has been revised to include not only buyers but also sellers.

Date on the bottom is 12/2021

12/2021 - Updated Form: Addendum Regarding Private Well Testing

New requirements for the Private Well Testing Act took effect Dec. 1. Testing is now required under the PWTA for three new chemicals, PFOA, PFOS, and PFNA. The Addendum has been updated to reflect new section "2.1" in the regulation containing the three new chemicals: N.J.A.C. 7:9E-2.1 to 5.1. The new date on the bottom of the Addendum is 12/2021. If you have a question on this new requirement or any other area of the PWTA, they can be asked on the DEP on their website, click here.

11/2021 - Updated Form: Seller Property Condition Disclosure Statement

New Jersey REALTORS® Form 140 Seller Property Condition Disclosure Statement has two updates concerning solar panels and lead plumbing.

Lead Plumbing
• Gov. Murphy signed legislation, S-829, which requires the property condition disclosure statement to include a question concerning the presence of lead plumbing in a property being sold. This includes service lines, piping materials, fixtures, solder, and more.
• On page 7, a new question, "Lead Plumbing", has been added in accordance with the above legislation.

Solar Panel Systems
• This form update recognizes a new form of solar renewable energy certificates (RECs) is available from the New Jersey Board of Public Utilities. The form now acknowledges that a solar facility can be receiving one of three types of RECS, each of which has a different value:
  - Regular SRECS (from the Legacy Program)
  - Transition RECS, known as TRECS (from the Transition Program)
  - SRECs II (from the Successor, or SUSI Program)
• On page 7, a new Section C, "The Solar Panel System is Subject to Energy Certificates", has been added.

Date on the bottom is 11/2021

08/2021 - New Form: Buyers' Waiver of Inspection and/or Appraisal

• New Jersey REALTORS® has developed the Buyers' Waiver of Inspection and/or Appraisal form to protect brokers and their owners, officers, directors, and salespersons against claims resulting from the buyers' decision to waive the inspection, appraisal or other contingency or right, including but not limited to any claim regarding any condition of the property that an inspection may have revealed and regarding the value of the property that an appraisal may have provided. The inspection and appraisal contingencies are used to protect home buyers in a transaction. This form is not mandatory but it is recommended to be used should the Buyer decide to waive any contingencies
• Date on the bottom is 07/2021

06/2021 - Updated Forms: Hold Harmless & Release Forms Regarding COVID-19

• Buyers'/Tenants' Hold Harmless & Release Regarding COVID-19
• Sellers'/Landlords' Hold Harmless & Release Regarding COVID-19
• Broker Open House Hold Harmless & Release Regarding COVID-19

The Hold Harmless and Release Regarding COVID-19 forms for Sellers and Landlords, as well as for Buyers and Tenants, each have been combined and there now is one form for Buyers/Tenants and one form for Sellers/Landlords. These forms have been streamlined and are more user friendly. For example, the new Seller/Landlord form only has to be signed once by the Seller/Landlord for their listed property rather than them having to sign a new form every time a new Buyer or Tenant visits the property.

The same holds true for the Buyers'/Tenants' Hold Harmless. A Broker only will have to have one form signed by the Buyer or Tenant and that form will cover all the "properties" that the Buyer or Tenant will visit rather than having a new form signed for each property.

The Broker Open House Hold Harmless and Release has also been updated and streamlined to cover multiple open houses that a Broker may hold for a Seller and that a Buyer's Agent may attend for the property.

It is recommended that the COVID-19 Hold Harmless forms be used for the foreseeable future since people still are carrying and can catch COVID-19. The form therefore continues to protect real estate licensees, buyers and sellers, as well as tenants and landlords, from a claim about having caught COVID-19 during a showing.

The date on the bottom of the new forms is 6/2021.

01/2021 - New Form: NJ REALTORS® Open Public Records Act Notice to Buyers

• New Jersey REALTORS® Open Public Records Act Notice To Buyers, explains to buyers that they can obtain documents relating to a property under OPRA. It also includes examples of documents that a buyer may want to request, such as open and closed permits, documents about variances, code citations, inspections, certificate of occupancy, a list of off-site conditions that may affect the value of the property and ordinances indicating if the property is in an air safety zone.
• Buyers' agents must be aware that there is potential Consumer Fraud Act ("CFA") liability for buyers' agents who obtain information on behalf of buyers that proves to be false or misleading. This would include responses to a request for documents about a property under the New Jersey Open Public Records Act ("OPRA") that a buyers' agent provides to buyers that turns out to include incorrect information. It is best to have the buyer obtain such documents but, if you obtain any information on behalf of a buyer, be very careful to ensure that it is accurate.

10/2020 - Revisions to Form 118: NJ REALTORS® Contract of Sale

• Section 1, addition of "Qualifier", (if the Property is a condominium).
• Section 20, removal of Trinca Airport, Green Township due to the closure of the airport.
• Date on the bottom is 10/2020

10/2020 - New Form #142: NJ REALTORS® Seasonal Residential Lease

• For use with a term of less than 125 day in length and provided the tenant has a permanent residence elsewhere
• Date on the bottom is 10/2020.

09/2020 - Revisions to Form 125: NJ REALTORS® Residential Lease

• Section 23: PETS
• Section 45: NEW MULTIPLE DWELLING RENT CONTROL/LEVELING EXEMPTION

  Notice to Tenant Regarding New Multiple Dwelling Rent Control/Leveling Exemption. This Notice will auto populate if the box is checked in Section #45 of the Lease.

• Section 46: ADDENDA

  Addendum Permitting Pets

• Date on the bottom is 09/2020

08/2020 - New Form: Broker Open House Hold Harmless and Release Regarding COVID-19

• This form is for use when a Broker holds an in-person open house for real estate licensees.
• Date on the bottom is 07/2020

07/2020 - Form Update: Sellers' & Buyers' Hold Harmless & Release Regarding COVID-19

07/2020 - Form Update: Landlords' & Tenants' Hold Harmless & Release Regarding COVID-19

• Due to the State of New Jersey issuing an incoming travel advisory requesting that all individuals entering New Jersey from states with a significant spread of COVID-19 quarantine for 14-days after leaving that state, Section 5 has been revised as follows
  

  ...travelled abroad or from a State listed at https://covid19.nj.gov from which New Jersey requests people to quarantine for 14 days upon arriving in New Jersey.

• New date on the bottom of form is 7/2020

06/2020 - Form Update: Sellers' & Buyers' Hold Harmless & Release Regarding COVID-19

• Section 1: The term "residential" was eliminated so the form also can be used for commercial transactions
• New Section 3: Provides a background explanation that the broker is recommending a virtual tour as the safest way to view the property
• Section 5. Includes a provision to allow Buyers and Sellers to identify any person who would be an exception to the representation about COVID-19
• Section 6. Adds language that the reason for the hold harmless is because the Buyer and Seller decided to view the property in person
• New date on the bottom of form is 6/2020

06/2020 - Form Update: Landlords' & Tenants' Hold Harmless & Release Regarding COVID-19

• Section 1: The term "residential" was eliminated so the form also can be used for commercial transactions
• New Section 3: Provides a background explanation that the broker is recommending a virtual tour as the safest way to view the property
• Section 5. Includes a provision to allow Tenants and Landlords to identify any person who would be an exception to the representation about COVID-19
• Section 6. Adds language that the reason for the hold harmless is because the Tenant and Landlord decided to view the property in person
• New date on the bottom of form is 6/2020

04/2020 - New Form: Release By Buyer/Tenant Regarding a Virtual Showing of Property

• This form is for use where a buyer or tenant purchases or rents a property without physically visiting, relying only on a virtual showing and materials.

04/2020 - New Form: Landlords' & Tenants' Hold Harmless & Release Regarding COVID-19

03/2020 - New Form: Sellers' & Buyers' Hold Harmless & Release Regarding COVID-19

• Per Governor Murphy's March 30 clarification to Executive Order 107, "REALTORS® can operate and show houses to a prospective buyer on a 1-on-1 basis or with the buyer's immediate families. Open houses still should not be held."

03/2020 - New Addendum Regarding Coronavirus for Seasonal Leases

• This Addendum is for members to attach to and make a part of their seasonal lease.

03/2020 - New Addendum Regarding Coronavirus for Form 118: Contract of Sale

• As with all the other Addenda to the New Jersey REALTORS^® Standard Form of Real Estate Contract that are provided by the New Jersey REALTORS^®, you only should use the Addendum Regarding Coronavirus as part of the sales contract you prepare prior to the buyers and sellers signing. If buyers or sellers express an interest in having a coronavirus addendum after the contract has been signed, you should advise them to consult an attorney to prepare the addendum.

03/2020 - Revisions to Form 118: NJ REALTORS® Contract of Sale

• REVISED-Section 42: ADDENDA-Statewide New Jersey REALTORS® Standard Form of Real Estate Sales Contract, Form #118 has been revised to include Coronavirus.
• Additional language in Section 3 (D) IF Performance by Buyer is Contingent upon obtaining a mortgage regarding 203(k) loans.
• New date on the bottom of Form #118 is 3/20.

01/2020 - Revisions to Form 117: Owner's Confirmation of Receipt of Written Offer

• Updated to include, "as soon as practical" pursuant to amended Standard of Practice 1-7:
  New Jersey REALTORS^® is providing Form 117 as a member benefit. This is not a required form but it is an easy way to comply with the 2020 Code of Ethics, Standard of Practice 1-7 (amended 1/20) which requires that, "Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide, as soon as practical, a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or a written notification that the seller/landlord has waived the obligation to have the offer presented."
  You are free to choose the form or manner in which you provide that written affirmation or notification, e.g., by email, text or other means.
• New date on the bottom of the form is 01/2020

12/2019 - Revised Addendum Regarding Condominium/Homeowner's Associations

• New Section (E) Inspections, has been added
• New date on the bottom of the form is 12/2019

10/2019 - Forms Update

• Addendum Regarding Solar Panel Systems
  An Addendum Regarding Solar Panel Systems is now available to be used with the New Jersey Realtors^® Standard Form of Real Estate Sales Contract, Form #118
• Addendum Regarding Swimming Pools
  An Addendum Regarding Swimming Pools is now available to be used with the New Jersey Realtors^® Standard Form of Real Estate Sales Contract, Form #118
• Seller's Property Condition Disclosure - Form #140
  To help address Solar Panel Systems, a new section, "Solar Panel Systems" has been added as the last section on the Seller's Property Condition Disclosure, Form #140. The new date on the bottom of the form is 10/19
• Sales Contract - Form #118
  Section 42, "ADDENDA" has been revised to include the Addendum Regarding Solar Panel Systems and the Addendum Regarding Swimming Pools. The new date on the bottom of the form is 10/19

08/2019 - Revisions to Form 118: NJ REALTORS® Contract of Sale

• This is a point of clarification: The subheading, "A) Additional documents from lenders or other property owners" was deleted and "Lender or other property owner has been changed to "if seller requests"
• "for a property it owns" has also been removed and "contained in such document" has been inserted
• The new date on the bottom of the form is 8/19

08/2019 - New Sales Contract for Vacant One-Family Residential Lots

04/2019 - New Addendum Regarding Teams

12/2018 - Form 117: Owner's Confirmation of Receipt of Written Offer

08/2018 - Revised Attorney General Memorandum

• View the Revised Attorney General Memorandum as of August 2018
• Access a copy in Spanish

05/2018 - Updated Wire Fraud Notice

• The New Jersey Realtors® Wire Fraud Notice has been updated to be used with the New Jersey Realtors® Standard Form of Real Estate Sales Contract, Form #118 or the Residential Lease Agreement, Form #125 to alert sellers/landlords, buyers/tenants. The form now prints automatically as the last page of the Contract and Lease Agreement.
• Education and directly speaking to all parties in a real estate transaction are the best tools to avoid being a victim. To help avoid this situation, the Wire Fraud Notice is an educational piece to give to clients in a real estate transaction.

2/1/18 - New Wire Fraud Notice

• Education and directly speaking to all parties in a real estate transaction are the best tools to avoid being a victim. To help avoid this situation, the Wire Fraud Notice is an educational piece to give to clients in a real estate transaction.

1/25/18 - Revised Statewide NJ Realtors® Standard Form of Real Estate Sales Contract, Form 118 now available. Updates include:

• Section 21. Bulk Sales (new language highlighted):
  Line 463/464- New language, "The Law does not apply to the sale of a simple dwelling house, or the sale or lease of a seasonal rental property, if Seller is an individual, estate or trust, or any combination thereof, owning the simple dwelling house or seasonal rental property as joint tenants, tenants in common or tenancy by the entirety."
• The date on the bottom of all pages is now 1/18.

5/5/17 - Revised Statewide NJ Realtors® Standard Form of Real Estate Sales Contract, Form 118 is now available! Updates include:

• Page 4, new subsection (A) in Section #8, "Additional documents from lenders or other property owners.
• Page 12, Section #35, ATTORNEY-REVIEW CLAUSE: (3) Notice of Disapproval-To comply with the recent Supreme Court Opinion the language in (3) has been updated to delete telegrams, certified mail and include emails, faxes and overnight delivery as methods to send the notice of disapprovals to the brokers.
• New date on the bottom of Form 118 is 4/17.

5/5/17 - Revised NJ Realtors® Residential Lease Agreement, Form 125 is now available! Updates include:

• Page 5, Section #33. ATTORNEY-REVIEW CLAUSE: (3) Notice of Disapproval-To comply with the recent Supreme Court Opinion the language in (3) has been updated to delete telegrams, certified mail and include emails, faxes and overnight delivery as methods to send the notice of disapprovals to the brokers.
• New date on the bottom of Form 125 is 4/17.

10/21/16 - Revised Residential Lease Agreement (Form 125) is now available! Updates include:

• Revised Section #43: Security Cameras-Removed Applicable/Not Applicable Boxes and added a new sentence- Lines 352-354 pertaining to common areas;
• Section #45-OTHER LEASE PROVISIONS, IF ANY,-This Section has been increased with additional space.

9/12/16 - Revised Contract of Sale (Form 118) and Addenda Now Available!

• zipForm Smart Form feature in Section 42: When you check a box for Addenda(s) in Section 42, the selected Addenda(s) will be added to your transaction package automatically.
• For more information on the revised Contract, please see our videos.

8/5/16 - The updated NJ Realtors® Residential Lease Agreement is now available! Updates include:

• New Section #43: Security Cameras
• Additions to Section #34: Line for e-mail address, cell phone and fax #
• Pg. 1 & 7: Additional signature lines for Tenant(s)/Landlord(s)
• Additional signature lines on lease, verification of verbal window guard notification, and lead-based paint disclosure