The New Jersey residential real estate purchase agreement (“purchase and sale agreement”) is a written document that outlines the terms of a real estate transaction between a buyer and seller of real property. Terms include the purchase price, address of the property, closing date and more.
Required Seller Disclosures in New Jersey
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In New Jersey, you will need to complete the following paperwork besides the purchase agreement:
Seller’s Property Condition Disclosure Statement. In New Jersey, there are no mandatory seller disclosure forms. However, under the common law, New Jersey courts created a standard form for sellers to identify any known information that would affect the buyer’s decision if they knew about it—knows as material facts. While the seller must tell buyers about any known issues with the property, they are not required to hire an inspector or search for problems.