The New Jersey residential purchase and sale agreement is a document which is filled out by an individual who wishes to make an offer to purchase real estate. On the form, the buyer will specify the dollar amount that they are offering for the property, as well as any deposit that they are prepared to make. Furthermore, the individual must indicate how they will be paying if their offer is accepted. Once the seller has been given the agreement form, they can choose to accept the buyer’s offer, negotiate it, or refuse. If the seller accepts the agreement, both parties must sign the document as indicated in order for the sale to be finalized.
Buyer Beware (Common law) – 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.
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.
Seller’s Property Disclosure Statement (§ 46:3C-10) – This form is required due to the seller’s “responsibility to disclose those conditions that may materially affect the value of the residential real estate.”