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08/2024 - Revisions to Form 141: Sales Contract for Vacant Land
Section 26 includes a check box for Designated Agents.
Section 27 includes references to 'brokerage services agreement' along with a revised table.
The date on the bottom of the form is 08/2024.
08/2024 - Revisions to Form 125: Residential Lease
Section 34 includes references to 'brokerage services agreement' along with a revised table.
Section 39 includes a check box for Designated Agents.
The date on the bottom of the form is 08/2024.
08/2024 - Revisions to Pre-Closing Disclosure Forms
In accordance with the National Association of REALTORS® proposed settlement agreement (effective August 17, 2024), any pre-closing disclosure form that pertains to brokerage representation must include the conspicuous statement that broker commissions are not set by law and are fully negotiable. For more information, please visit facts.realtor and review Settlement FAQ 57 and 79.
The following forms have been updated:
- Form 122A: Informed Consent to Dual Agency (Buyer)
- Form 122B: Informed Consent to Dual Agency (Seller)
- Form 127A: Informed Consent to Dual Agency (Tenant)
- Form 127B: Informed Consent to Dual Agency (Landlord)
- Form 130A: Informed Consent to Designated Agency (Buyer)
- Form 130B: Informed Consent to Designated Agency (Seller)
- Form 131A: Informed Consent to Designated Agency (Tenant)
- Form 131B: Informed Consent to Designated Agency (Landlord)
The date on the bottom of the form is 08/2024.
08/2024 - New Form: Pre-Closing Disclosure Forms Addendum Regarding Negotiability of Commission
The Addendum was developed to comply with the National Association of REALTORS® proposed settlement agreement (effective August 17, 2024) and is to accompany any pre-closing disclosure form that pertains to brokerage representation that does not currently include the conspicuous statement that broker commissions are not set by law and are fully negotiable. For more information, please visit facts.realtor and review Settlement FAQ 57 and 79.
The date on the bottom of the form is 08/2024.
08/2024 - Revisions to Form 118: Contract of Sale
Section 29 and Section 30 have been updated to comply with the New Jersey Real Estate Consumer Protection Enhancement Act.
The date on the bottom of the form is 08/2024.
08/2024 - Revisions to NJ REALTORS® Agency Forms
The following agency forms have been revised to comply with the New Jersey Real Estate Consumer Protection Enhancement Act:
- Form 120: Non-Exclusive Buyer Agency Agreement
- Form 121: Exclusive Buyer Agency Agreement
- Form 126: Exclusive Tenant Agency Agreement
- Form 128: Exclusive Buyer Agency Agreement with Rebate Provision
- Form 129: Non-Exclusive Buyer Agency Agreement with Rebate Provision
The date on the bottom of the forms is 08/2024.
08/2024 - New NJ REALTORS® Agency Forms
The following agency forms have been developed to comply with the New Jersey Real Estate Consumer Protection Enhancement Act:
- Addendum to Agency Agreement
- Form 130A: Informed Consent to Designated Agency (Buyer)
- Form 130B: Informed Consent to Designated Agency (Seller)
- Form 131A: Informed Consent to Designated Agency (Tenant)
- Form 131B: Informed Consent to Designated Agency (Landlord)
- Form 144: Non-Exclusive Tenant Agency Agreement
- Form 148: Cooperating Broker Compensation Agreement
The date on the bottom of the forms is 08/2024.
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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