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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Oct. 23, 2024
Over the past few years, lawmakers, consumers and realtors have focused on increasing transparency in the purchase and sale of homes. One major development was the resolution of litigation involving the National Association of Realtors (NAR). The settlement overturns the traditional method in which commissions were paid to buyers’ agents. Now, legislation in New Jersey has been enacted to provide additional protections for parties during residential real estate transactions.
On August 1, the New Jersey Real Estate Consumer Protection Enhancement Act went into effect. This law includes several important provisions, such as:
Mandatory property disclosure — Prior to the completion of the contract, the seller must provide the buyer with a signed statement providing information on more than 100 potential issues related to the condition of the property. Specific sections address plumbing, heating, wood-destroying insects, flood risk and appliances.
Buyer representation agreements — The NAR litigation centered on the fact that in residential real estate transactions, the selling agent officially collected the entirety of the commission (often 6 percent of the sale price) and then divided that with the buying agent. Neither party was usually made aware of the specific commission agreement between the realtors. Now, when someone looking to buy a home starts working with an agent, they must sign an agreement in which the agent describes their duties and the commission they will be paid if purchase is completed.
Legalization of designated agency — Under the new rule, designated agency is now permitted. This means that a broker may name appoint one member of their office as agent for the buyer and another as agent for the seller, as long as both parties provide consent in writing to this arrangement.
Posting of listing agent’s information at open houses — When prospective buyers go to an open house, the listing agent must post a statement saying that they represent the home’s seller(s). The text includes language declaring that the discussions between the agent and prospective buyers are not considered confidential.
These measures should take much of the mystery out of homebuying process in New Jersey. However, there are countless details that should be reviewed and addressed before you sign a contract and start moving toward closing the transaction. There’s no substitute for retaining an accomplished real estate attorney who will safeguard your interests and identify potential problems before it’s too late to fix them.
The Law Offices of James C. Zimmermann represents clients in residential real estate transactions throughout New Jersey. For a free consultation regarding your particular situation and needs, please call 973-764-1633 or contact us online. We have offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
