How Do I Sign New Jersey Travel Agency Agreement

How do i document type sign travel agency agreement new jersey

okay so today we're going to go over the new jersey residential listing agreement for sale or lease from garden state properties group so here's a sample of one that we did as you get into uh the top of this here you'll find just some some important information some simple information here the date that you're doing this agreement um the seller in this case mj property management llc and the seller's address 42 landings drive in marlton and then we have pre-populated our garden state properties group information the broker our address and our phone number these are the starting points for a residential listing agreement okay section number one in this case we always want to think about that this is a listing agreement between the broker and the seller it really at this point has nothing to do with you as an agent the seller and the broker have the relationship and you are a sub agent from there so in section one we talk about the address very simple address of the property or listing 315 chestnut street in audubon so the seller is going to appoint the broker the exclusive agent and it gives them the right to sell the property for x amount of dollars in this case 289 000 if the broker were to lease the property in that next section there it doesn't apply for this one but in that next section you would put the rate of the rental or the monthly rent and then we do a time frame generally we do six months from the time that you're listing the property so in this case may 30th of 2021 that is our timeline to sell the property okay section two talks about the mls the multiple listing service our multiple listing service is bright mls so we'll need to include that so now you're essentially on the clock from this point you have 48 hours from when all signatures are delivered here to enter the property into bright mls okay one other thing to note um as you move along throughout the process of this listing let's assume that you get it under contract or it's pending or you're changing the um you're changing the status of the property you will have three business days in order to do that um and update it within bright so very important to know that two days that you need to enter it into bright from the sign listing agreement and then if you have to make a an adjustment to the status then it's three business days to do that all right section b under number two talks about listing the address or displaying the property on the internet most sellers if not all want their property to be displayed on the internet okay so there will be an occasion where somebody won't but for the most part you're checking the seller does authorize to list the property to be displayed on the internet as well as the address okay this is basically the seller understanding and acknowledging this so section b covers that as you move further down into section c it talks about virtual office websites for now you don't need to necessarily focus on that um but basically as you go down into section d of under number two the brokers will communicate to the mls all the sellers elections so basically you are telling the mls that they do wish to list it on the internet section number three talks about the commission on the sale or lease so on a sale typically we're doing a six percent commission um the way that is broken down um three percent would go to the buyer three buying broker three percent would go to the seller's broker um and anybody cooperating um during this transaction so and to be paid at final settlement if the premises are leased or rented the seller generally pays one months of rent to um to the seller's broker from there that is divided in half with the buyer's broker if if another broker brings the tenant okay so you have the right to reach an agreement with the seller in terms of commission we like to use six percent um but that can be adjusted to with the permission of the broker okay okay section four talks about broker protection so essentially what this is saying is a broker fee as we're the listing agent the listing broker is protected within 30 days from the end of this agreement so let's assume this agreement goes all the way through uh the house isn't sold some people looked at it while you did have the listing and they wound up going under contract with the property within 30 days after the listing terminated so the broker is then the listing broker is then protected in that sense so and is do a commission so that's what section 4 talks about section 5 talks about some obligations of the seller so essentially if somebody were to reach out to the seller while you had the listing um and was interested in purchasing it um the seller would direct uh that buyer to you as as the agent and us as the broker um where you can then handle them going forward uh whether it's for sale or for lease um another thing basically is the seller needs to cooperate with you as the listing agent and broker for any buyers that are really looking at the property if they're asking for a full inspection of the property let's assume it gets under contract the owner has to the seller has to agree to that and be be open to that they're also stating that they have the legal right to sell the property so these are some of the things up front that you want to talk to the seller about make them aware of it make sure that they are and do have the legal right to sell the property and listed just a couple things you want to think about up front section six is pretty cut and dry you have the name of the licensee entered there and then of course garden state properties group is the name of the firm so when you get into this section below that you're going to see and talk about the different types of agency the first box is are we representing the seller or the landlord as just the agent only the next one is are we representing the seller or landlord as an agent and a disclosed dual agent if the opportunity arises that is basically when you are the listing agent and you also potentially find the buyer and you're representing the buyer as their agent and broker as well we always like to check that one off because you never know how it comes if if a buyer comes to you that's not working with a realtor you have the ability then to represent both sides okay and the last part there is seller or landlord agent on the properties in which this firm is acting as the seller's agent and a transaction broker on other properties so we won't really get into that so much you really want to deal with the first or second uh section there okay section seven talks about commission splits so this is important um we talked earlier in the agreement that there would be a six percent commission on this property okay so as you look here on this listing the broker is offering a commission split of three percent minus eighty dollars we'll talk about that in a second to any participating cooperating firms so basically if another agent brings from another company weikert realtors brings a buyer um you would owe we would owe them three percent of that six percent okay and as you skip down into section eight it shows sub-agents buyers brokers or transaction brokers these are people that are assisting in bringing a buyer to this deal you're going to compensate them three percent out of that six percent now the minus eighty dollars just to go back to that essentially what we'll do is that's an office expense so we like to enter in um the commission is three percent and you subtract eighty dollars from the the buying agent buying brokers commission so if the commission was a thousand dollars uh that was the three percent it would really be a thousand minus eighty dollars to them you'll see this later on on a settlement sheet and you wanna make sure that those numbers are correct number nine talks about the consumer information statement um you check off whether it's seller or landlord that they acknowledge that they've received a consumer information statement um from the state of new jersey and you will provide this to them we'll go through that a little later but at the at the beginning of the conversation that you have real estate conversation you're having with a with a customer you need to have a consumer information statement signed and then of course at the bottom of each page the listing agent will initial and the seller will initial as well okay the third page of the agreement starts out with exclusions so these are anything that the seller would like to exclude from the sale of the property for instance the second refrigerator in the basement uh the seller is going to be taking that with them the refrigerator in the kitchen that's going to stay so when you enter this into the mls we want to get the exclusions taken care of and then the other things that are included appliances washer dryer things like that we just want to make sure that that's entered properly into the mls number 11 talks about binding on successors so essentially if the seller assigns the right to this agreement to an heir or somebody an executor an administrator the disagreement stays binding along those terms number 12 other contract provisions talks about doc storage and docsaver this is a part of our company garden state properties group it's a fee that's charged it's a conveyancing fee but we also store electronically the docks of your sale for up to seven years very important if three years down the road you're looking for your deed potentially we have them electronically stored as well so there's an upfront fee paid at settlement when that happens number 13 talks about a seller property disclosure which is essentially a health report of the property um you're not obligated to do it as a seller in new jersey pennsylvania it's different it's mandatory but essentially a seller should fill out a seller property disclosure talking about uh any any issues or any problems or any repairs or anything done to the property or with the life that they've owned it it's important that the seller is truthful in those things and if a question is unknown you just check unknown we'll talk about that a little later in a video but you want to check off that if the seller is going to provide it then you would obviously check is if they're not your check is not number 14 talks about additional sale terms and really this involves a property that is taken back by a bank or we need to do a short sale or there's some other third party approval that needs to happen if your sale does not include those things we're going to just check no okay if the property is a short sale situation or needs third third-party approval then we just check yes it's very simple number 15 talks about lockbox authorization whether you're using a super lock box or just a regular combination lock box you'll check off the appropriate um yes or no typically we're using a combination lock box we're finding a a space on the property to put it whether it's a front door a front railing a side door just checking off yes covers what we need to here number 16 is talking about how this is a legal and binding contract and if you don't understand that you should seek legal advice us we as real estate agents are not attorneys so you always want to defer and make sure that you are um providing your seller information if they want to seek legal advice please go ahead and do so from a professional okay so one last thing to note for office purposes you'll see at the top of page one a space for the mls number after you've entered this into bright mls you'll include that number up top this paperwork should be returned to the office immediately so that we can prepare the file it's important to do this because the real estate commission from time to time will check up on agencies and brokerages and you just want to make sure that your paperwork is is taken care of um you could either hand deliver it in a file or the best way would be to scan and email it so you can keep your own file as well okay lastly the end of this agreement here is where um the listing agent and the seller need to sign and date we also provide an email address and a cell phone number for the seller you can do this through docusign you can do it just in person but you'll see the listing agent name and signature same as the seller and of course the date so that concludes the uh residential listing agreement in new jersey uh one thing you want a couple things you want to think about too really is to pre-fill as much as possible as you're going into the appointment if you haven't determined price just leave that blank you can talk about that on your on your appointment and and most importantly is just review this prior to your appointment with the seller it's important to know and be confident in what you're talking about um and if any questions are asked you're you're right there with the answer thanks again for joining us today um hope to see you soon