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Seller's Disclosure of Financing Terms for Residential Property in connection with Contract or Agreement for Deed a/k/a Land Contract - New Jersey 2025

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The document is a Seller's Disclosure Notice that outlines the financing terms for a Contract for Deed regarding a property. It includes details such as the purchase price, interest rate, estimated interest charges, total principal and interest, any late charges, and the absence of prepayment penalties. The document requires signatures from both the seller and purchaser.
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Sellers must be transparent about any known issues that could affect the property, such as structural defects, water damage, or environmental hazards. Intentionally withholding material facts from buyers can result in lawsuits, financial penalties, and even the potential for the sale to be rescinded.
This law is designed to regulate the marketing and sale of certain types of out-of-state properties, such as iniums, time-share, retirement communities and land subdivisions in New Jersey.
A sellers disclosure is a real estate document that provides details about a propertys condition and how it might negatively impact the value of the home. It is often required by law, though what it needs to contain can vary by state and locality.
New Jersey law requires sellers to disclose any known mold issues to potential buyers. This includes providing information about the presence of mold, its sources, and any remediation efforts undertaken. These regulations aim to prevent health hazards and unforeseen property problems by fully informing buyers.
Sellers are now required to provide a signed property condition disclosure statement before any sale contract is signed. This document details the condition of the property, helping buyers make informed decisions.

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People also ask

The Real Estate Consumer Protection Enhancement Act, which went into effect on August 1, 2024, requires ALL sellers of ALL residential real property, including banks, estate administrators and other entities, to disclose on the Sellers Property Condition Disclosure Statement any known condition of the property to the

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by LA Bernstein 1997 Cited by 5 48 The New Jersey statute apparently applies only to newly constructed residential real estate. 49 On the other hand, some statutes may be broader in scope

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