The New Jersey purchase agreement records the vital aspects of a sale for residential real estate, such as the amount the buyer is willing to pay for the home, how much earnest money will be held in escrow, personal property that will remain within the dwelling/land, and any other contingencies the buyer or seller would like to introduce. The initial offer is usually proposed by the buyer in the form of this document. If the homeowner accepts the terms presented, they may sign the contract to secure a binding purchase agreement. The owner may also decline the proposition and come back with a counteroffer that requests an increased purchase price or includes an additional stipulation that they require to proceed.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Explicitly assigned to housing structures built prior to 1978, this federally regulated disclosure commands sellers of residential property to present purchasers with any evidence that indicates there is lead paint/lead paint hazards located within the building. This should also be accompanied by an educational handout distributed by the EPA concerning the risks connected to coming into contact with the noxious material.
Off-Site Conditions (§ 46:3C-8) – Only essential when selling a newly constructed dwelling, the vendor of a property is obligated to furnish the purchaser with a written notification divulging how to look up the nearby off-site conditions that could have an impact on the property’s worth. This will require the vendor to include the municipality, address, and telephone number of the office in which the records can be accessed. (The required statement can be found under Section 14 of the form linked within the title.)
Point-of-Entry Treatment (POET) Systems (§ 7:1J-2.5) – If the New Jersey Spill Compensation Fund covered the cost of installing and operating a POET system for the property being sold, the seller is liable to inform the purchaser that the system will no longer be funded upon the transfer of the home and also deliver a written notification to the Department of Environmental Protection and Energy within thirty (30) days of securing a binding sales contract.
Private Well Testing (§ 58:12A-27) – If the potable water source for the home being sold is provided by a private well, a test on the drinking water must be conducted and a copy of the results distributed to both the seller and buyer to be reviewed and acknowledged by both parties.
Radon (§ 26:2D-73) – Although the results of a property’s radon test may usually remain confidential, the seller of a home that has been tested for the gas must present the prospective buyer with any documents concerning this matter before entering into an agreement for conveyance.
Seller’s Property Condition Disclosure Statement (Form 140) – New Jersey is considered a “caveat emptor” state, meaning that it is the buyer’s responsibility to inspect the property for flaws prior to its purchase. The form linked above may not be legally necessary to fulfill, but most buyers will demand that it be executed before entering into any type of binding agreement. It allows the selling party to transcribe data concerning the overall condition of the home and any of its existing defects (that the owner has knowledge of). That being said, this form should not take the place of a property inspection conducted by a licensed professional.
New Jersey Realtors – Adobe PDF