New Jersey Consumer Information Statement

Types of Agency Relationships

Seller's Agent: A seller's agent works solely on behalf of the seller and owes duties of loyalty, obedience, disclosure, confidentiality, reasonable care, and accounting to the seller. The seller's agent must disclose to buyers all material defects known about the property.

Buyer's Agent: A buyer's agent works solely on behalf of the buyer and owes duties of loyalty, obedience, disclosure, confidentiality, reasonable care, and accounting to the buyer.

Disclosed Dual Agent: A disclosed dual agent represents both the buyer and seller in the same transaction with the informed written consent of both parties. A dual agent cannot advocate exclusively for either party.

Transaction Broker: A transaction broker assists both parties in completing a transaction without representing either party as an agent.

Compensation

Real estate licensees are typically compensated through commissions paid at closing. The specific compensation arrangement will be disclosed in your written agreement with the licensee.

Your Rights as a Consumer

You have the right to choose the type of representation that best serves your needs. You are not obligated to work with any particular licensee or brokerage.

Contact

For questions about agency relationships or your rights as a consumer, please contact Natalie Esfandiari at [email protected] or call (917) 561-0600.