New Jersey Buyer Agency Agreements
A buyer agency agreement is a legally binding document that outlines the terms and conditions governing the business relationship between a real estate buyer and their broker or agent. The agent is responsible for working in the buyer's best interest, ensuring loyalty and confidentiality while locating properties within the buyer's price range, negotiating prices, and closing deals. Commission on the sale is usually paid by the seller and split between the buying and selling agents.
Under New Jersey law, real estate licensees must provide their clients with a Consumer Information Statement on New Jersey Real Estate Relationships (§ 11:5-6.9). This document discloses how the agent intends to work with buyers and sellers in a real estate transaction. Additionally, if a licensee wishes to act as a dual agent, they must receive consent from both parties involved in the transaction (§11:5-6-9(4)).
The New Jersey Association of Realtors provides a standardized Exclusive Buyer Agency Agreement form for the state (Adobe PDF).