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Michelle David

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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.  Cranford realtor Michelle David of RE/MAX Vision summarizes the importance of a seller’s property disclosure and a lead-based paint addendum.

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 prudent 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. 

Real Estate Advice

Kenilworth broker-manager Michelle David of RE/MAX Vision prepares her home sellers for the documents required in a residential property sale.  Equally, Michelle David reviews both disclosures with her buyers before she prepares a contract of sale.  Email or call RE/MAX Vision and speak to Michelle David at 908-208-3775. RE/MAX Vision offers real estate services in Cranford, Kenilworth, Union, and Westfield, NJ.

 

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