Southeby’s real estate agent Mary Ellen O’Boyle explained to the Rotary Club of Westfield how the new regulations for real estate sales would work. She says that the “changes are big and are a game changer”.
Sotheby's real estate agent Mary Ellen O'Boyle explained about changes to real estate as a result of a lawsuit and NJ real estate laws. The lawsuit concerned sellers not wanting to compensate a buyer agent. The result is that the seller can choose not to pay a buyer agent. However, sellers can still offer compensation to buyer agents. (Commissions are & always have been negotiable). As of August 17th multiple listings will no longer be able to display the compensation. Agents working with buyers will need to contact the seller's agent to determine if there is compensation being offered by the seller. This encompasses all MLS's in all states.
Along with this change are several new NJ real estate laws that went into effect August 1. Buyers working with agents are required to sign a buyer agency agreement, where buyers will indicate that they will pay their agent compensation if the seller is not offering any. A buyer agency agreement is necessary in order to view homes that are listed on an MLS. For sellers, it is required that they fill out a Seller's Disclosure. The buyer cannot make an offer until they have been given this document. Previously, this disclosure was not mandatory. Now it's the law.
Regarding public open houses, a sign must be posted letting buyers know that the agent hosting is strictly representing the seller and the buyer must sign in and indicate if they have a buyer agency agreement.
As always, commissions are negotiable!
Mary Ellen’s Sotheby’s office is at on the corner of North Ave and Central Ave, in Westfield, NJ. She has been in the Rotary Club of Westfield for 29 years. She loves being on the scholarship committee, on which she has served for 28 years. She loves Rotary because of all the ways they help the community.
Mary Ellen lives in Westfield, and she and her husband have 2 adult children and 3 grandchildren.
She has earned numerous sales awards throughout her career and was named Realtor of the Year in 1999 by her member Board of Realtors. Mary Ellen has a Broker’s License and holds the Accredited Buyer Representative (ABR), At Home With Diversity (AHWD), Accredited Staging Professional (ASP), Certified Residential Specialist (CRS), GREEN, Graduate Realtor Institute (GRI), and Senior Real Estate Specialist (SRES) designations.
After 40 years in Real Estate, Mary Ellen has been honored with the designation Realtor Emeritus. She goes to extensive continuing education courses, and has been active at the local, state and national levels. She has been active at the National level serving on several committees for the National Association of Realtors.
Major projects for the Rotary Club include helping homeless veterans, collecting used bicycles to send to the developing world, helping to feed the local food insecure, building a medical clinic in Nigeria, and eradicating Polio worldwide. The Rotary Club of Westfield has given many community grants over the years, and gave away $35,000 this year. The club awarded $125,000 in college scholarships this year. The Westfield Rotary Foundation has awarded $3.5 million in scholarships to 1800 students since 1967.
The Rotary Club of Westfield meets the first three Tuesdays of each month for lunch at noon, at Limani Seafood Grill on North Ave. Guests are always welcome. For information check out the website www.westfieldrotary.com or contact club secretary Dr. D. Michael Hart by email at drmhart@yahoo.com
Photo: left to right: Sotheby’s Real Estate Agent Mary Ellen O’Boyle: Rotary Club President Lauren Barr.