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New Jersey Residential Real Estate Purchase and Sale Agreement

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New Jersey Residential Real Estate Purchase and Sale Agreement

Updated September 20, 2023

A New Jersey residential real estate purchase and sale agreement is a legal document used in transferring the ownership of residential real estate. It will include the purchase price in addition to any other terms, including the earnest money deposit, closing date, and any contingencies. Prior to the offer being accepted, the seller is required to disclose conditions that “may materially affect the value” of the property by either completing a Disclosure Statement, if using the services of a broker or broker-salesperson, or disclosing any known defects as a part of the purchase and sale agreement if no such broker services are used.

Table of Contents

Buyer Beware

Although New Jersey law does not require home sellers to disclose information about the property to potential buyers, the State court does enforce the “common law” requirement that buyers be informed about known property defects. Therefore, it is in the best interests of the seller to disclose any material defects to the buyer to avoid adverse legal action. (Fordham Environmental Law Review)

Realtor Version

New Jersey Association of Realtors

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Disclosures (2)

Lead-Based Paint Disclosure – If a home was built before 1978, the buyer must give the purchaser a disclosure that reveals the possible use of lead-based paint at the residence.

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Seller’s Property Disclosure Statement (N.J.A.C. 13:45A–29.1) – If a broker or broker-salesperson is involved, the selling parties must complete this standard form to disclose any adverse conditions affecting the property. This form is given to the purchaser to assist in evaluating the property and protects the broker from liability under the Consumer Fraud Act.

However, non-professional sellers of real estate (e.g., a homeowner selling their house without broker services) do not need to complete this form as long as they: (1) disclose any known adverse conditions affecting the property on the purchase agreement; and (2) do not knowingly misrepresent any material fact to the detriment of the buying party.

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Commercial Property

Commercial Purchase AgreementUse this agreement to purchase or sell any type of commercial property.

Download: PDF, MS Word, OpenDocument