Updated Exclusive Buyer Agency Agreement to Further Protect Your Business

While our version of an exclusive buyer agency agreement has existed since 2001, we know the coming mandate—due to the proposed NAR settlement—will be a change in practice for many of our agents in New Jersey.

For the past year and a half, we have been working internally to update that Exclusive Buyer Agency Agreement and we were able to release it in early April. We made extensive changes to the agreement in order to protect you, your business, your time, and your compensation—but also your clients.

We had our Chief Legal Counsel

Barry Goodman and General Counsel Yuliya Tedeschi conduct a form review webinar where they went through the entire form and answered questions from attendees. You can view that recording at njrealtor.com/antitrust . While practice changes will not be mandated until late July, we wanted to release the form early so you have time to review it, add it to your work pipeline, and consider any questions that may arise from it.

Updating the the Exclusive Buyer Agency Agreement is just step one— we know there is more to do in order to protect our members’ businesses and ensure consumer transparency. We’re working with the legislature on a comprehensive bill that would institute regulatory changes from the State of New Jersey and we look forward to updating you soon.

Buyers’ agents are crucial parts of the transaction and continuing to show your value as licensed, ethical, professional agents who are there to serve and clients will be critical in this new environment.

In this issue, you can refer to the inside front cover for a basic timeline of the proposed NAR settlement, but I urge you to continue checking facts.realtor for the most up-to-date information on a constantly changing situation.