New Jersey Non-Exclusive Real Estate Brokerage Agreement

• Category: Contracts - Stock Broker
• State: Multi-State
• Control #: US-13377BG
• Format: Word; Rich Text

Description

A real estate brokerage agreement is a contract formed between a broker and their client. The brokerage agreement or broker agreement describes the duties that the broker has towards the client. It also lists the client's duties, such as the duty to pay the broker. A New Jersey Non-Exclusive Real Estate Brokerage Agreement is a legally binding contract between a property owner (referred to as the "listing agent" or "principal") and a real estate broker (referred to as the "broker" or "agent"). It outlines the terms and conditions under which the broker will act as the agent for the principal in marketing and selling their property. This type of agreement in New Jersey grants the broker a non-exclusive right to represent the principal in the sale of their property. This means that the principal retains the right to engage other brokers or sell the property on their own, without any obligation to compensate the broker. However, if the broker successfully procures a buyer, they will be entitled to a commission as agreed upon in the agreement. The New Jersey Non-Exclusive Real Estate Brokerage Agreement generally includes the following key aspects: 1. Identification of the parties: The agreement specifies the full legal names and contact information of the principal and the broker. 2. Property details: This section provides a comprehensive description of the property to be sold, including its address, legal description, and any specific features or amenities. 3. Listing price and terms: The agreement outlines the listing price set by the principal, as well as any specific terms or conditions related to the sale, such as the estimated closing date or any contingencies. 4. Compensation: The agreement details the commission structure agreed upon between the principal and the broker. It specifies the percentage or flat fee that the broker will receive upon successfully procuring a buyer. 5. Duration of the agreement: The timeframe during which the broker has the exclusive right to market the property is established in this section. If the property remains unsold within this period, the agreement may be extended or terminated based on mutual agreement. 6. Responsibilities and obligations: The roles and responsibilities of both the principal and the broker are clearly defined in the agreement. It outlines the broker's duties, which typically include marketing the property, showcasing it to potential buyers, and negotiating offers on behalf of the principal. The principal is generally responsible for maintaining the property's condition and providing accurate information about the property. 7. Agency relationship: This section specifies that the broker is acting as the principal's agent and owes them fiduciary duties, such as loyalty, confidentiality, and full disclosure, throughout the duration of the agreement. While the Non-Exclusive Real Estate Brokerage Agreement is the most common type in New Jersey, there may be variations or modified versions depending on the specific needs and preferences of the principal and the broker. Some potential variations could include Exclusive Right to Sell Agreements, Open Listing Agreements, or Exclusive Agency Agreements, which confer different levels of exclusivity and obligations on the parties involved.

A New Jersey Non-Exclusive Real Estate Brokerage Agreement is a legally binding contract between a property owner (referred to as the "listing agent" or "principal") and a real estate broker (referred to as the "broker" or "agent"). It outlines the terms and conditions under which the broker will act as the agent for the principal in marketing and selling their property. This type of agreement in New Jersey grants the broker a non-exclusive right to represent the principal in the sale of their property. This means that the principal retains the right to engage other brokers or sell the property on their own, without any obligation to compensate the broker. However, if the broker successfully procures a buyer, they will be entitled to a commission as agreed upon in the agreement. The New Jersey Non-Exclusive Real Estate Brokerage Agreement generally includes the following key aspects: 1. Identification of the parties: The agreement specifies the full legal names and contact information of the principal and the broker. 2. Property details: This section provides a comprehensive description of the property to be sold, including its address, legal description, and any specific features or amenities. 3. Listing price and terms: The agreement outlines the listing price set by the principal, as well as any specific terms or conditions related to the sale, such as the estimated closing date or any contingencies. 4. Compensation: The agreement details the commission structure agreed upon between the principal and the broker. It specifies the percentage or flat fee that the broker will receive upon successfully procuring a buyer. 5. Duration of the agreement: The timeframe during which the broker has the exclusive right to market the property is established in this section. If the property remains unsold within this period, the agreement may be extended or terminated based on mutual agreement. 6. Responsibilities and obligations: The roles and responsibilities of both the principal and the broker are clearly defined in the agreement. It outlines the broker's duties, which typically include marketing the property, showcasing it to potential buyers, and negotiating offers on behalf of the principal. The principal is generally responsible for maintaining the property's condition and providing accurate information about the property. 7. Agency relationship: This section specifies that the broker is acting as the principal's agent and owes them fiduciary duties, such as loyalty, confidentiality, and full disclosure, throughout the duration of the agreement. While the Non-Exclusive Real Estate Brokerage Agreement is the most common type in New Jersey, there may be variations or modified versions depending on the specific needs and preferences of the principal and the broker. Some potential variations could include Exclusive Right to Sell Agreements, Open Listing Agreements, or Exclusive Agency Agreements, which confer different levels of exclusivity and obligations on the parties involved.