WHAT ARE SELLER DISCLOSURES IN NEW JERSEY?
If you are selling your property in New jersey, you may be required to make certain disclosures to any prospective home buyer. If a seller fails to make the appropriate disclosures, he or she can risk losing the deal or even face legal consequences.
When selling a house in New Jersey, there is an assumption that the house is fit to live in and inhabitable. There are no particular laws that require a seller in New Jersey to make specific disclosures about the property in question. However, there is a general rule that protects buyers from sellers who hide information about their property, and sellers should be familiar with this. As such, a seller should, in good faith, advise a buyer of any known defects or issues.
EXAMPLES OF DISCLOSURES SELLER’S MAY WANT TO MAKE
If you are selling a home in New Jersey, you should be aware of your obligations as a seller. Failing to abide by disclosures can create problems. Some items you should disclose to a seller may include, but are not limited to:
Damage from insects;
Problems or damage to electrical systems;
Problems or damage to the foundation; and/or
Problems or damage to heating and/or plumbing systems.
Sellers are not, however, required to disclose any “stigmatized” intangible issues. This can include if the house is haunted, if a death occurred in the home, or any other occurrence that does not have to do with the physical condition of the home. However, if a buyer asks about any of these instances, the seller should answer them honestly.
If you are selling a home in New Jersey, you should retain an experienced real estate attorney to help guide you through the process.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.