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New Jersey Residential Real Estate Purchase Agreement

The Attorney General`s Memorandum outlines the New Jersey Law Against Discrimination to ensure that equitable housing is created for all. New Jersey property owners should be aware of federal and state anti-discrimination laws, regardless of residential or commercial purposes. Seller`s Disclosure Statement (Form 140) – New Jersey is considered a «reserve status,» meaning it is the buyer`s responsibility to investigate defects prior to purchase. The above form may not be legally necessary to satisfy it, but most buyers will require it to be executed before entering into any binding agreement. It allows the selling party to transcribe data about the general condition of the house and all its existing shortcomings (of which the owner is aware). In addition, this form should not be a substitute for a property inspection performed by a licensed professional. Seller`s Property Disclosure Statement (§ 46: 3C-10) – This form is necessary because of the «seller`s responsibility to disclose conditions that may have a significant influence on the value of the residential property». Real estate purchase contracts usually include promises and provisions guaranteeing the condition of a property. In some states, sellers must provide additional documents that guarantee the condition of the property. While other states require the seller to reveal a certain type of problem on the ground – for example. B a clerical error.

In New Jersey, in addition to the sales contract, you must complete the following documents: Lead-based color opening – If a home was built before 1978, the buyer must give the buyer a disclosure that reveals the possible use of lead-based paint in the residence. The initial offer is usually offered by the buyer in the form of this document. If the owner accepts the conditions presented, he can sign the contract in order to guarantee a binding sales contract. The owner can also decline the offer and come back with a counter-offer that requires an increased purchase price or contains an additional provision that he needs to continue. Lead-based color aperture (42 U.S. Code 4852(d) – This state-regulated disclosure, explicitly attributed to residential structures built before 1978, directs housing sellers to provide buyers with all evidence that there is a risk of lead in the building. This should also be accompanied by information material distributed by the EPO on the risks associated with contact with harmful material. The law requires that at the time of registering a list of real estate, a licensee provide the owner with a copy of a summary of the New Jersey Law Against Discrimination N.J.S.A. 10:5-1 et seq.

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