Although there are no required disclosure statements a seller must make under New Jersey statutes, New Jersey courts have exceptions to this general rule under common law.
Many home sellers in New Jersey fill out a Seller's Property Condition Disclosure Statement providing material facts about their homes. This type of disclosure could protect a seller from a lawsuit down the line.
But what types of information should a seller disclose?
New Jersey sellers must disclose known, latent and material defects in order to protect buyers from unwittingly purchasing real estate with hidden defects. Material facts are details about the home’s condition or legal status, as well as the age of various components.
Some examples that would qualify as material facts that must be revealed by sellers about their homes include damage from wood boring insects like termites, mold or mildew in the home, leaks in the roof or foundation walls, amount of property taxes paid annually, problems with sewer or septic systems, age of shingles and other roof components, a buried oil tank, details about any individual who claims to have an interest in the property, or information about a structure on the property that overlaps an adjacent property.
Of course, not everything needs to be disclosed, such as the seller's personal information, and the seller’s reason for moving. Then there are factors that straddle the fence as to whether or not they count as "material." For instance, whether a death took place in the home or whether a home is considered haunted. In New Jersey you generally do not have to disclose these items, however if the buyer asks about them, you must answer honestly.