A 1938 New Jersey General Assembly · 2024-2025 Regular Session

Creates requirements for certain long-term real estate listing contracts.

This bill establishes rules for "right-to-list home sale agreements," where property owners grant real estate brokers exclusive rights to list their homes for sale at a future date in exchange for payment. It prohibits such agreements from lasting longer than five years and requires contracts to include an early termination option: owners can end the agreement early by paying the initial price plus 6% of that amount for each year the contract has been active (compounded annually). The bill applies directly to real estate brokers, salespeople, and broker-salespeople who enter these contracts with property owners. Contracts must clearly state the term and termination terms to comply with the law.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
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Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Consumer Affairs Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Aura Dunn
Aura Dunn
RRepublican
NJ
25