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Nj real estate contract addendum Form: What You Should Know

This update consists of new language in the standard, and changes to other forms. If you have any questions regarding the update of the NJ REALTORS Sales Contract Revisions, please contact us at. We look forward to your feedback and welcome you to REA-SCC/TEC! New and modified terms Section 42 now has: • New subsection “Terms of Agreement” • New paragraph “Term” and • New paragraph “No” • Changes to the language regarding “Notice of Sale” and “Notice of Acceptance” We strongly encourage all members and agents to familiarize themselves with these amendments. The new sections will be effective July 1, 2018. NATIONAL REALTORS REALTORS are licensed and regulated in each jurisdiction and have an absolute right to engage in business in any of these jurisdictions as long as the activity is otherwise consistent with the applicable license and is otherwise legal, including, without limitation, the following: · Sales of Real Property; · Real Estate Brokerage Services; and · Real Estate Transactions. Any person in receipt of a REALTOR license in any jurisdiction, including, without limitation, any State, Territory, Province, the District of Columbia and the U.S.

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P>Let's start off by putting the cover page of the new statewide contract. The Opinion 26 notice can be found at the bottom of the cover page. We have added a signature line for the listing broker in the Opinion 26 notice. This decision was made because we often encountered separate provisions for each agent, the listing agent and the selling agent. By including a signature line for the listing broker, it is clear who has prepared the Opinion 26 notice. It is important to note that the Opinion 26 notice is mandated by the New Jersey Supreme Court in order to prepare the sales contract without it being deemed as unauthorized practice of law. We included "prepared by" to further clarify who is responsible for preparing the notice. In paragraph one, it states that as a real estate broker, you represent either the buyer or the seller, and it is necessary to check off the appropriate option. While some may suggest changing "buyer's agent" to make it clearer, we have chosen to keep the language provided by the New Jersey Supreme Court, which refers to the "selling broker." This indicates that the selling broker is the buyer's agent in this scenario. It is often asked if the broker must actually sign the notice or if the agent can sign it. It is common practice for the agent to sign it, so it does not have to be the broker who signs. The wording used by the Supreme Court does not differentiate between broker and salesperson, so it is acceptable for the salesperson to sign. Before continuing, I want to mention that in addition to the sales contract, we have also revised the short sale addendum and the new construction writer to conform to upcoming changes. It might be beneficial...