45:15-16.89 Buyer's agent duties, exceptions.
325 words·~1 min read·
/nj/title-45/chapter-15/45-15-16-89·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. a. In addition to the duties provided for under current law, the duties of a buyer's agent shall include the following, which may not be waived, except as expressly set forth in paragraphs
(4)and
(5)of this subsection:
(1)to be loyal to the buyer by taking no action that is adverse or detrimental to the buyer's interest in a transaction and to exercise primary devotion to the buyer's interests;
(2)to timely disclose to the buyer any actual or potential conflicts of interest which the buyer's agent may reasonably anticipate;
(3)to advise the buyer to seek expert advice on matters relating to the transaction that are beyond the agent's expertise;
(4)to not disclose confidential information from or about the buyer, except under subpoena, court order, or otherwise as provided by law or as expressly authorized by the buyer, even after termination of the agency relationship;
(5)unless otherwise agreed to in writing, to make a good-faith and continuous effort to find a property for the buyer, except that a buyer's agent is not obligated to seek additional properties to purchase while the buyer is a party to an existing contract to purchase that is no longer subject to the attorney-review period, if applicable; and
(6)any additional duties that are agreed to in writing signed by a buyer's agent or other authorized representative of the brokerage firm.
b.
(1)The showing of a property in which a buyer is interested to other prospective buyers by a buyer's agent shall not breach the duty of loyalty to the buyer or create a conflict of interest.
(2)The representation of or acting as a transaction broker with more than one buyer by a brokerage firm, including different brokers, broker-salespersons, or salespersons affiliated with the brokerage firm, in competing transactions involving the same property does not breach the duty of loyalty to the buyer or create a conflict of interest.
L.2024, c.32, s.4.