When selling a home in New Jersey, you will be required to disclose certain information to potential buyers. This article will walk you through the disclosure requirements so that you have all of the facts and can make an informed decision.
What Are the Disclosure Laws in NJ?
Disclosure laws protect both the buyer and seller by requiring that all relevant information about the property be disclosed prior to signing a home sale contract or purchase agreement.
According to Tobin v. Paparone Const. Co.: "when action or speech is required, silence is unacceptable." So without further ado, here are the disclosure requirements for a real estate transaction:
- Known and Latent Defects - Both the seller and real estate agent are obligated to disclose any material or latent defects with the property.
- Latent. Physical material defects that are not easily discernible, such as a hidden leak or structural damage.
- Known. Known or constructively known defects that are evident on a routine home inspection.
- Intangible Matters - Although you're required to disclose intangible matters, you are free to do so in good faith. Consider it information you'd like to have - even if it's not written in black and white - especially if it could affect the final purchase price or closing costs. For example:
- Neighbor nuisance
- Information regarding Homeowners' Association
- Previous occupant's death
- General considerations
- Accuracy in ownership. Sellers or real estate agents may be required to provide prospective buyers with additional information such as proof of ownership or a deed.
How Do You Make Disclosures?
Some states require specific disclosure forms. The standard disclosure form in New Jersey is known as the NJ Seller disclosure form. What you should remember: consult a real estate attorney or title company to help you determine what information you must disclose and how it should be worded.
What Happens if You Don’t Disclose Something?
The failure to disclose any defect (known or latent) may result in a lawsuit filed by the other party. Make sure to disclose any defects you are aware of, even if they are not obvious, appear insignificant to you, or have no monetary value.
If you are unsure about what information to disclose when selling a home, speak with a real estate expert or a local real estate attorney. They can help you understand your state's disclosure laws and what is required of you. Remember that failing to disclose important information can lead to legal trouble; it is always better to be safe than sorry.
Are You Selling Your Home and Need Help Preparing Disclosures?
Call Sell My House New Jersey Home Buyers Inc. at 973-604-3382 today!
When you work with us, you can be confident that we will make even the most complex real estate transactions enjoyable for you. Sell My House New Jersey Home Buyers Inc. is always available to speak with anyone looking to sell their home in any condition. We are real estate experts who can get your New Jersey house sold quickly (and in cash)!
Please note that our office address is 303a Park Ave, Suite #7G, East Orange, NJ 07017. Unfortunately, we cannot allow on-site visits at this time. We are, however, grateful for your interest, so feel free to call us at 973-604-3382 anytime, and one of our representatives will be happy to answer any questions you may have.