The New Jersey residential purchase and sale agreement is used when a buyer wishes to enter into a legally binding agreement with a seller to purchase a seller’s residential property. The buyer uses this document to make an offer, and the seller has the right to review and request as many changes as they require before signing it, or they may refuse the offer outright.
Once both parties are satisfied with the details of the agreement, it may be signed and made legally binding. New Jersey law allows for a three (3) day review period where both parties may have the document looked over by an attorney. If either party changes their mind within that three (3) day period, they may choose to withdraw from the agreement legally.
New Jersey Contract of Sale – This form was created by the New Jersey Association of Realtors and may be used by New Jersey real estate brokers to complete real estate transactions for one (1) to four (4) family residential properties as well as vacant one (1) family lots.
The seller of any home that was constructed prior to 1978 must provide to prospective buyers a disclosure indicating the presence or lack thereof of toxic paint on the premises.
The seller of a newly constructed property must notify potential buyers of the availability of lists detailing any off-site conditions that may affect the value of the property.
Statutes: § 46:3C-10(c)
The state of New Jersey is considered a “Buyer Beware” state, which means neither the seller nor their agent is legally required to disclose any defects on the property and that the buyer alone is responsible for discovering any defects or issues with the property.