Highlight In Legal New Jersey Home Sale Forms For Free

In the sale of a home, New Jersey statutes ? and court ? assume an ?implied warranty of habitability,? which means the home is fit to live in. That ?common law? obligates sellers to disclose any known, concealed material defects in the home and property to the buyer.

Similarly, the elements of a breach of contract claim under New Jersey law are that (1) ?a contract existed between the parties?; (2) the defendant ?breached a duty imposed by the contract,? (3) the plaintiff ?performed its obligations under the contract,? and (4) the plaintiff ?was damaged as a result? of the breach.

In New Jersey, the elements of a valid contract are: ? An offer (see Offer). An acceptance (see Acceptance). Consideration (see Consideration). Mutual assent and intent to be bound (see Mutual Assent and Intent to be Bound).

Other than under the Statue of Frauds, oral or verbal contracts are just as binding and enforceable as a written contract. Evidence proving that a contract, in fact, took formation can be the biggest problem surrounding oral or verbal contracts.

Selling a house ?as is? in New Jersey means that, as a seller, you are not intending to make any repairs or updates to the property and, to the extent that any defects exist in the property, you will not fix those defects prior to closing on the property and the buyer will purchase the property with those defects.

Attorney fees: New Jersey does not legally require sellers to hire a lawyer, but it's still worth paying for. A real estate attorney can provide a great deal of reassurance when sifting through complicated contracts and disclosure statements.