When a property is listed for sale in New Jersey, there is a document that is part of the process which is called the Sellers Disclosure. The purpose of the Sellers Disclosure is to inform a prospective buyer of information that is pertinent to the overall condition of the property.
The seller is responsible for completing the document. However, it is not mandatory that the seller fills it out – yet.
The disclosure asks a number of questions about the property. There are questions about the age of the home, the roof, the HVAC systems and any applicable appliances (such as refrigerator, stove, washer, dryer etc.). Additionally there are questions regarding the plumbing and electrical systems and the foundation.
The disclosure will continue and ask questions regarding whether there has been any damage caused by, smoke, for, wind, flood or wood destroying insects. There are many more questions that are asked regarding the condition of the home in addition to facts about the construction and features.
As the seller, if you have direct knowledge of any of the questions, please answer truthfully as this is a legal document. If you don’t know the answer, please don’t guess. As an example let’s use the question about the hot water heater. If the hot water heater was already installed when you purchase the property, you don’t know when it was installed. In this example, answer “Unknown”.
If you are the buyer, please read the disclosure carefully. But do not use the sellers disclosure as a substitute for a home inspection.
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