The New Jersey Disclosure Statement is a document required by the state of New Jersey that outlines the terms of a real estate transaction. It is used to protect buyers and sellers involved in a real estate transaction and to provide them with important information about the sale. The New Jersey Disclosure Statement must be completed by the seller and presented to the buyer before the sale is finalized. It is important to note that the New Jersey Disclosure Statement is different from the Seller's Property Disclosure Statement. There are three types of New Jersey Disclosure Statement: the Lead Paint Disclosure, the Lead-Based Paint Disclosure, and the Radon Gas Disclosure. The Lead Paint Disclosure is required when a property built before 1978 is being sold and informs the buyer of any existing lead-based paint hazards. The Lead-Based Paint Disclosure is also required for properties built before 1978 and outlines any known lead-based paint hazards. The Radon Gas Disclosure is required for all residential properties and informs the buyer of any known or suspected radon gas issues.
New Jersey Disclosure Statement
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How to fill out New Jersey Disclosure Statement?
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FAQ
Federal law does not require the seller to disclose to a buyer that their home contains asbestos or vermiculite.
In the sale of a home, New Jersey statutes ? and court ? assume an ?implied warranty of habitability,? which means the home is fit to live in. That ?common law? obligates sellers to disclose any known, concealed material defects in the home and property to the buyer.
Requirements For selling A House In New Jersey In New Jersey it is legal to sell a house as is (without any repairs) but you are required to inform the buyer in writing of the quality, status and safety of the property: Implied warranty of habitability. You cannot sell a house ?as is? without the required disclosures.
New Jersey's statutes do not require sellers to offer specific disclosures about a property. Sellers must, however, disclose any known material defects or negative issues. Garden State realtors managing listings may provide a seller's disclosure form, as noted on NJ.com.
In New Jersey, sellers have a "duty to disclose" material facts or defects and cannot hide information about their property. Disclosable information would certainly include mold and any significant water intrusion such as flood damage or ongoing problems with wet basements or crawl spaces and groundwater.
The seller must disclose all known material facts about the property that could reasonably influence a buyer's decision to buy. The listing agent should give the seller a Seller Property Disclosure Statement to fill out at the initial listing appointment.
A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.
New Jersey Sellers Must Disclose Known, Latent, Material Defects. In order to protect buyers from unwittingly purchasing real estate with hidden defects, a New Jersey home seller has a duty under the common law to tell prospective buyers about known, latent (concealed) material defects in the property.