NJ Real Estate Disclosures

Disclosure in NJ Real Estate Transactions

When a seller lists his or her property for sale, two disclosures must be completed.  

Seller’s Property Disclosure

A seller’s property disclosure is a document that is completed by the owner of a property.  It records the following information:

·         Age of roof

·         Improvements made to the property

·         Termite treatments

·         Condition of appliances

·         Damages to the home and when they were repaired

·         Radon information

·         Water issues

·         More

Accuracy and honesty are two issues to remember when completing a seller’s disclosure.  Owners that have not lived in the property (such as in an estate or a trustee) sometimes opt not to complete a seller’s disclosure.  It is best to complete the disclosure and choose “Unknown,” instead of neglecting to complete one.

Lead-Based Paint Addendum A

Addendum A is a disclosure that alerts buyers purchasing homes built prior to 1978 that the home may have an exposure to lead-based paint.  Lead paint is especially dangerous to children and can cause learning disabilities, behavior problems, and neurological issues. 

A buyer should expect a pamphlet entitled “Protect your Family from Lead in your Home.”  He or she may hire an inspector to specifically check for the presence of lead-based paint.

Facts about Disclosures

A disclosure is a legal document and should be reviewed before an offer is made to purchase the property.  The seller’s property disclosure should be provided to the attorney and the home inspector.  A common mistake made by real estate agents is to have a buyer sign a blank Addendum A instead of requesting the signed one from the listing agent. 

Completing it now when you come to sell means also you get peace of mind when you hand those keys across that all is straight in title deed and in content as to condition or issues.