Breaking News: NJ Real Estate Will Never Be the Same!

Breaking news in the New Jersey real estate market! Governor Murphy has signed the Real Estate Consumer Protection Enhancement Act, bringing major changes that will go into effect on August 1st. This new law aims to strengthen protections for both consumers and real estate licensees.

In this video, we dive into the key changes you need to know:

1. Sellers must provide a fully completed property disclosure form before a buyer signs a contract.
2. Agents are required to explicitly disclose who they represent at open houses.
3. Introduction of designated agency, allowing brokerages to appoint agents to either side of a transaction.
4. Mandatory use of brokerage agreements outlining services provided throughout the transaction.
5. Seller's agents can no longer disclose compensation to buyer's agents in MLS.
6. Continuing education covering laws on agency is now required for all NJ real estate agents.

These changes promise greater transparency and protection for all parties involved in real estate transactions. What do you think about these new regulations? Leave your thoughts in the comments!

If you have any questions, feel free to reach out at 856-404-2078 or visit scottkompa.com. Don’t forget to like, subscribe, and share this video!

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