New Jersey Residential Purchase Agreement

Point-of-Entry Treatment (POET) Systems (No. 7:1J-2.5) – If the New Jersey Spill Compensation Fund has covered the cost of installing and operating a POET system for the property sold, The seller is required to inform the buyer that the system is no longer financed when the house is transferred and to send a written notification to the Department of Environmental protection and energy within 30 (30) days after receiving a compulsory sales contract. Off-site conditions (No. 46:3C-8) – Only for the sale of a newly built apartment, the seller of a property is required to send the buyer a written message announcing how to search for off-site conditions nearby that could affect the value of the property. To do this, the seller must indicate the municipality, address and telephone number of the office where the records can be accessed. (The required explanation can be found in section 14 of the title form. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – This regulated disclosure is expressly attributed to residential buildings built prior to 1978 and provides residential real estate sellers with all evidence to buyers indicating that there is a risk of lead/lead colour in the building. This should also be accompanied by an educational fact sheet distributed by the EPA on the risks associated with contact with harmful materials. Seller`s 46:3C-10 – This form is required due to the seller`s responsibility to disclose conditions that may have a significant influence on the value of the property. Seller`s Property Disclosure Statement (Form 140) – New Jersey is considered a “caveat emptor” state, meaning it is the buyer`s responsibility to inspect the property before purchasing it.

The above linked form may not be legally required, but most buyers will require it to be executed before entering into some kind of binding agreement. It allows the seller to transcribe data on the general condition of the house and all existing defects (of which the owner is aware). In addition, this form should not be a substitute for a property check carried out by a licensed professional. The Attorney General`s Memorandum outlines the Anti-Discrimination Act in New Jersey to ensure equal housing opportunities for all. New Jersey homeowners should be aware of federal and regional anti-discrimination laws, regardless of residential or commercial purposes. Radon (No. 26:2D-73) – Although the radon test results of a property may normally remain confidential, the seller of a gas-controlled home must provide all documents to the potential buyer before entering into a transportation agreement. The contract to purchase and sell residential real estate in New Jersey is a document completed by a person wishing to make an offer to purchase real estate. On the form, the buyer will indicate the dollar amount he offers for the property as well as any down payment he is willing to pay. In addition, the person must indicate how they will pay if their offer is accepted. Once the contract form has been issued to the seller, he can accept, negotiate or refuse the buyer`s offer.

If the seller accepts the agreement, both parties must sign the document as indicated for the sale to be concluded. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. In some states, sellers are required to provide additional documentation to ensure the status of the accommodation. While other states require the seller to reveal a certain type of problem on the ground, such as. B a material error.