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New Jersey Real Estate Agents | ||||
Representation Provided | Seller's Agent | Disclosed Dual Agent | Transaction Broker | Buyer's Agent |
Represents the Seller (or Builder). Work only for the Seller. May work with Buyers but may not represent them. Have a written listing agreement with a Seller. Obligated to try to sell their own listed properties. | Yes | - | - | - |
Represents both the Seller and the Home Buyer. Work for both the Seller and the Buyer. Must obtain the informed written consent of both the Seller and the Buyer. | - | Yes | - | - |
Works with a Seller, a Home Buyer, or both in the sales transaction without representing anyone. Cannot promote the interests of one party over the other party to the transaction. Should provide a written agreement to any Seller. | - | - | Yes | - |
Represents the Home Buyer. Work only for the Home Buyer. Provide a written buyer agency agreement to their Buyer client. | - | - | - | Yes |
| New Jersey Real Estate Agents "Activities Performed for the Home Buyer" | ||||
Activities Performed for a Home Buyer | Seller's Agent | Disclosed Dual Agent | Transaction Broker | Buyer's Agent |
Provide basic facts about properties (seller's asking price, features, and amenities) and sources of financing. | Yes | Yes | Yes | Yes |
Show homes in the Multiple Listing Service. | Yes | Yes | Yes | Yes |
Submit a purchase offer and convey the Seller's response Back. | Yes | Yes | Yes | Yes |
Respond honestly and accurately to questions. | Yes | Yes | Yes | Yes |
Disclose material facts known about the property. | Yes | Yes | Yes | Yes |
Offer property without regard to race, creed, sex, religion, or national origin. | Yes | Yes | Yes | Yes |
Advise in choosing an attorney. | Yes | Yes | Yes | Yes |
Confirm needed correction/repairs have been completed. | Yes | Yes | Yes | Yes |
Accompany on a final walk-through inspection of the property. | Yes | Yes | Yes | Yes |
Tell the Seller everything they know about a Home Buyer including their financial situation and motivation for buying. | Yes | Depends, if Buyer agrees. | Yes | No |
Guarantee in a written agency agreement to represent and work for the home buyer only. | - | - | - | Yes |
Search for available properties, not just Multiple Listed properties, but also "For Sale By Owner", "For Sale By Developer/Builder", and sometimes even locate properties that are not yet on the market. | - | - | - | Yes |
Locate and show properties, pointing out not only strengths, but also weaknesses, potential problems, and factors that may impact resale of the property. | - | - | - | Yes |
Discuss the price the Seller is asking, the reason they might be selling, the price they paid, how long or how many times the property has been on the market, and any concessions (in price or terms) that the Seller may be willing to give up. | - | - | - | Yes |
Develop an estimate of comparative market value for the property, and assist in developing an offering price. | - | - | - | Yes |
Review and interpret comparable property values. | - | - | - | Yes |
Advise regarding other offers on the property. | - | - | - | Yes |
Help determine the need for professional property inspections and any warranties. | - | - | - | Yes |
Identify any information detrimental to the Seller, or which might give an advantage to the Home Buyer. | - | - | - | Yes |
Consult throughout the entire negotiation process offering advice and information regarding counter offers. | - | - | - | Yes |
Negotiate only on behalf of the Home Buyer, be their advocate, and negotiate to get them the best deal in terms of price and terms. | - | - | - | Yes |
Assist in independently evaluating the most favorable financing. | Maybe | Maybe | Maybe | Yes |
Supply financial information about neighborhood properties and value trends. | - | - | - | Yes |
Advise on the final walk-through inspection of the property. | - | - | - | Yes |
Attend the closing and represent the Home Buyer's best interests, as necessary. | - | - | - | Yes |
Keep everything the Home Buyer tell us absolutely confidential and work in the best interests of the Home Buyer. | - | - | - | Yes |