Do you know what the NJ Seller’s Disclosure is?
The NJ Seller’s Disclosure
Both state and federal laws require the sellers of a home to disclose what they know about a home. The reasoning is that an inspection might not find everything that is wrong with a home. After all, the inspector isn’t allowed to remove sheet rock to see what’s behind it. Additionally, sometimes, the inspector can’t see what is under a home. As a result, the buyers have to rely on truthful information from the sellers regarding the systems, appliances and the rest of the home.
Your Realtor will provide you with a copy of a form called a Real Estate Disclosure Statement when you list your home for sale. In New Jersey, this required. However, in certain circumstances, it’s not necessary. Here’s an example. If you inherited a property, and you never lived there, you can’t be expected to know every about the property.
What Do You Need To Disclose?
The New Jersey Sellers Disclosure requires you to disclose the presence of toxic substances, such as asbestos, radon, lead paint and more, if you’re aware that these substances are present in the home. However, you’re not required to perform tests to determine if they’re there. In addition, the buyer or their lender has the right to perform these tests.
The form lists questions regarding the home. It asks questions about the HVAC systems, electrical and plumbing systems, the exterior and roof and more. You must disclose if at any time there was a flood, fire or other catastrophe. Remember, this is a legal document. Be sure t answer truthfully.
What if I don’t know?
If you don’t know the answer to a question, your answer should be “I don’t know”. For instance, the roof is the same roof that was there when you purchased the home. Therefore, since you don’t have direct knowledge of the roof’s age, check “I don’t know”. Only answer questions that you have direct knowledge of.
The reason for the disclosure is to let the buyer know what you know about the property. It will also hold you and your Realtor harmless if you have told the truth about the property.
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