Redact Legal New Jersey Real Estate Forms For Free

In 1995, the New Jersey Supreme Court decided in In re: Opinion No. 26 that it is in the public interest to permit buyers and sellers of residential real estate to choose whether or not to incur the cost of hiring a lawyer.

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).

Unlike in some states, the New Jersey legislature has not passed laws mandating disclosures a real estate seller must make. The state's courts have, however, created what's called "common law," to protect buyers against sellers who fail to disclose material facts or who hide information about their property.

In New Jersey, sellers can fill out a document known as the ?Standard Form of Seller's Property Condition Disclosure Statement? - but they are not required to. Your listing agent should be able to provide you with the most up-to-date version, and can help you fill it out accurately.

Issue #2: There is No Disclosure Statement Buying a home without a seller disclosure statement can be risky. Depending on state laws, if you find significant flaws in the house after buying it that wasn't disclosed to you, you may be able to get money from the seller to fix it.

While a seller's disclosure statement is not a legal requirement, a real estate attorney representing you or advising you about the sale might recommend you fill one out. In that way, you fulfill your legal duty and put the buyer on notice of the property's condition.