When real estate changes hands in New Jersey, certain disclosures must be made by the seller. The buyer has a legal right to understand what they’re buying, and any material defects will need to be disclosed in advance.
It is important to note that a seller only has to disclose the things that they are genuinely aware of. It is possible, especially with older properties, that there could be significant issues that the seller simply is not aware of. They are not expected to be perfect or identify everything, but they are also not allowed to intentionally leave issues out or try to cover up defects with the property.
Material defects to consider
When looking at disclosure forms in New Jersey, here are some defects that may have to be reported:
- Any leaks in the roof
- Whether or not the roof has been repaired or replaced
- Issues with in-home systems, such as sump pumps, air conditioning units or heating systems
- Any cracks in the floor or the foundation
- Any issues with termites or other pests
- If a fire has occurred on the property in the past
- Any hazardous materials, such as lead paint or asbestos insulation
- Whether certain parts of the home function as intended, such as a wood-burning stove or a fireplace
Essentially, sellers just need to report any known issues with the property, especially if they could be a danger to the new buyer or could decrease the value of that property. Disclosures can sometimes lead to disputes, which is when those involved need to begin looking into their legal options.