N.J. Stat. § 45:15-16.95

Current through L. 2024, c. 62.

Section 45:15-16.95 - Established agency, transaction broker relationships, completion, expiration of terms, termination, conditions

a. The agency or transaction broker relationships established pursuant to this chapter shall continue until the earliest of the following:

(1) completion of performance by the brokerage firm;

(2) expiration of the term agreed upon by the parties;

(3) termination of the relationship by mutual agreement of the parties; or

(4) termination of the relationship by written notice from either party to the other as provided in the brokerage services agreement, if applicable, except that a termination does not otherwise affect the contractual rights of either party.

b. If the agency or transaction broker relationship is being terminated pursuant to paragraphs (3) or (4) of subsection a. of this section, written confirmation of termination shall be required for the termination to take effect. Written confirmation of termination shall not be required for the termination to take effect pursuant to paragraphs (1) or (2) of subsection a. of this section.

c. Except as otherwise agreed to in writing, a brokerage firm shall owe no further duty or other responsibility after termination of the agency or transaction broker relationship, other than the duty:

(1) to provide an accounting to its principal as necessary in a timely manner for all moneys and property received from or on behalf of any party to the transaction; and

(2) to not disclose confidential information if there was an agency relationship, except under subpoena, court order, or otherwise as provided by law or as expressly authorized by the applicable party.

d. With respect to the termination of disclosed dual agent relationships, absent a termination by expiration or fulfillment by a completed closing, brokerage services agreements between a disclosed dual agent and a buyer and a seller shall otherwise only be terminated in writing signed by the buyer or seller, as applicable, with confirmed delivery to the disclosed dual agent.

N.J.S. § 45:15-16.95

Added by L. 2024, c. 32,s. 10, eff. 8/1/2024.