New Jersey S1314 restricts long-term real estate listing contracts to a maximum of ten years and mandates an early termination clause.
New Jersey S1314 establishes requirements for long-term real estate listing contracts, prohibiting licensed brokers from entering into contracts that grant them exclusive rights for more than ten years. The bill mandates that such contracts include an early termination option for the property owner, allowing them to exit the contract in exchange for a specified amount, not exceeding the initial contract price plus six percent compounded annually. These contracts, often considered predatory, can disproportionately affect vulnerable populations.
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- Legal Framework
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