A real estate sale in New Jersey requires disclosures by the seller. They have to be upfront about certain details of the property so the buyers have a general idea of what they’re getting. This way, the buyer can make an informed decision about whether or not it’s a good investment.
To do this, the seller uses a disclosure statement. Let’s take a look at a few of the things that it addresses.
Occupancy details
First off, the seller needs to disclose the age of the home and when they began to occupy the property. They should list the year of the last purchase and provide a copy of the deed.
Roofing issues
The seller does need to disclose defects, such as roof leaks. They should also inform the buyer of the age of the roof, and if it was replaced or repaired during their ownership.
Pest infestations
Sellers do need to mention if there have been serious pest infestations, such as termites or other wood-destroying insects. They need to disclose if there’s evidence of dry rot, or if work has been carried out to fix these types of issues.
Major changes
If the seller has done any remodeling or made any significant structural changes to the home, they must inform the buyer. They also need to note if they got the correct building permits and if everything was done up to code.
Navigating a dispute
The above are just a few of the details that sellers need to address. They generally need to disclose any known defects or problems with the home. If there’s a dispute over these disclosures during the transfer, then all parties will need to know what legal steps to take.
