Every state has its own rules regarding real estate relationships – also know as “agency” relationships. Here in Millburn- Short Hills, and all of New Jersey, real estate buyers and sellers have a choice of four different ways to be represented in a real estate transaction.
The choice you make determines the service you get, so it’s important that you read New Jersey’s Consumer Information Statement and understand what it means before you make a choice and sign.
• A seller’s agent represents the seller’s best interests.
• A buyer’s agent represents the buyer’s best interests.
• A disclosed dual agent works for both parties and cannot work in the best interests of either side.
• A transaction broker is merely a go-between, representing no one and giving no advice.
Because buyer representation allows us to offer our advice and to gather and convey information that helps the buyer. For instance, if we know a seller will take less than the listed price of his or her home, we can tell our buyer. We can also disclose facts we’ve learned about the seller’s motivation / reasons for selling, point out potential defects in the home that call for professional inspections, complete a comparative market analysis to help buyers determine the true value of the home, and use all of our negotiating expertise in helping our buyers get the price and terms they want.
At the same time, buyer representation prohibits us from disclosing any confidential information about our buyers to the seller or the seller’s agent.
Real Estate Relationships can be confusing, so I urge you to read the CIS completely. Then, if you have questions, pick up the phone and call me. I’ll be happy to explain it all more fully – including letting you know what I can and can’t do under each of the different kinds of representation.
Questions? call me 973.202.7270