Mercer County, New Jersey Realtor Law and Real Estate Brokerage Law

Realtors and real estate brokerages in Mercer County, New Jersey are required to abide by a number of state and local laws. At Isgate Law our Realtor and Brokerage attorney is ready to help you to navigate your legal challenges. The New Jersey Real Estate Commission (NJREC) is responsible for licensing and regulating all aspects of the real estate profession, including brokers, salespersons, appraisers, and home inspectors. It is important for Mercer County Realtors to retain a real estate lawyer proficient in Realtor and broker law.

A licensed professional must also comply with the New Jersey Real Estate Brokerage Law, which includes the following requirements:

• The real estate broker must have a place of business in Mercer County and keep records that are open for inspection by NJREC.
• All advertising must include the broker’s name, address, telephone number, and state license or registration number.
• All contracts must be in writing and signed by both parties.
• All real estate transactions must be kept separate from the broker’s personal accounts, and a trust account is required for all funds received on behalf of clients.
• A written disclosure statement must be provided to each client that outlines the duties and responsibilities of the broker.
• All real estate documents must be completed accurately and completely.
• Real estate brokers are required to keep their continuing education requirements up-to-date in order to remain licensed.

Our experienced real estate attorney can help you understand your obligations to investment clients. Realtors and real estate brokers in Mercer County, New Jersey must adhere to a strict code of ethics as established by the National Association of Realtors. This includes adhering to the highest ethical standards, promoting fair housing practices, and maintaining truthful advertising. Furthermore, Realtors must provide clients with the utmost care and respect when conducting business. Our Mercer County real estate lawyer regularly counsels New Jersey Realtors on such standards.

Overview of Mercer County, New Jersey Cities Real Estate Market

Trenton

Trenton is the county seat of Mercer County, New Jersey and home to a population of over 90,000 people. The average price for a home in Trenton is around $150,000, an increase of 4.9% from the previous year. The median household income is around $53,307 and a poverty rate of 34.02%.

Princeton

Princeton is known for its prestigious university, but it is also a community of luxury homes and vibrant downtown. The average price for a home in Princeton is around $688,000, an increase of 6% from the previous year. On average, households in Princeton make a healthy annual income of $204,565. The median household salary is an even more impressive figure at $121,342 per annum.

Hamilton Township

As the largest township in Mercer County, Hamilton Township has a population of over 88,000 people. The average price for a home in Hamilton Township is around $335,000, an increase of 9.8% from the previous year. The median household income is around $84,000.

West Windsor Township

West Windsor Township is home to a population of over 28,000 people. The average price for a home in West Windsor Township is around $729,000, an increase of 12.2% from the previous year. The median household income is around $175,107.

Lawrence Township

Lawrence Township is a small community of around 32,000 people. The average price for a home in Lawrence Township is around $374,155, an increase of 12.0% from the previous year. The median household income is around $114,000.

Attorney Review Clause in Your New Jersey Agreement of Sale

Our Hunterdon County real estate attorney also provides review of the Agreement of Sale.  Under New Jersey Law, buyers and sellers are afforded an Attorney Review.  They have the the right to have an attorney review the Agreement of Sale and collateral documents for a period of three (3) days after the documents are fully executed.  Our Real Estate Attorney has extensive experience reviewing all transaction documents. If necessary, our real estate attorney may provide a Notice of Disapproval revising the Agreement of Sale, ensuring our clients are fully protected.  We work together with our Broker and Realtor clients  to protect our mutual clients and direct the transaction to closing.

Contact a Reputable Mercer County Real Estate Attorney

Navigating the complexities of the Mercer County real estate market can be overwhelming. It is important to find an experienced and trusted Mercer County real estate attorney who understands the local laws and regulations. An experienced New Jersey real estate lawyer can help you negotiate the best terms of a contract and protect your rights as a buyer or seller. Contact Isgate Law today to speak with an experienced Realtor attorney. Call us at (215) 396-1020 or fill out our online contact form.