What are Seller’s Disclosures?
When selling your New Jersey property, you may be required to make certain disclosures attesting to the condition of the home. Typically, a prospective buyer should be made aware of any material defects to the property, so they may make an educated decision if they’d like to move forth with the purchase. If a seller fails to make any required disclosures, the seller can risk losing the deal and they may even face legal consequences.
Are Seller’s Disclosures Required?
There is no law in New Jersey that requires a seller to make specific disclosures about their property. However, there is a general rule that sellers should be forthcoming about the condition of their home. Buyers should be made aware of certain conditions of the home that may make it inhabitable or the subject of extreme repairs, for example. It’s a good idea for a seller to make an effort, in good faith, to advise a buyer of any known defects or issues. However, if the seller is unaware of any issues, they can simply state that.
What are Some Examples of Disclosures Seller’s May Make?
There are a number of different disclosures that a seller may make about the property. Those items include, but are not limited to:
- Structure damage;
- Water damage;
- Damage from insects;
- Any open permits;
- Damage to electrical systems;
- Damage to the home’s foundation; and/or
- Damage to heating and/or plumbing systems.
While there may be some items that a seller should disclose to a buyer, they may not be required to disclose any “stigmatized” issues, or any issue that does not have to do with the physical condition of the home. However, if a buyer asks about any stigmatized issues, the seller should provide an honest answer.
If you are buying or selling a home in New Jersey, you should retain an experienced real estate attorney to help guide you through the process.
If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.