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
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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