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New Jersey Residential Purchase Agreement

A New Jersey residential purchase agreement is a legal document used to transfer ownership of a residential property. It includes the purchase price, earnest money deposit, closing date, and any contingencies. The seller must make legally required disclosures about property defects prior to the closing date.
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State Laws

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.[1]

Required 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 – If a broker is involved, the selling party must complete this form to disclose any adverse conditions affecting the property. Non-professional sellers do not need to complete this form as long as they: (1) disclose any known adverse conditions affecting the property; and (2) do not knowingly misrepresent any material fact to the detriment of the buying party.[2]

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