What New Jersey asks of sellers

Disclosure

New Jersey sellers are commonly asked to complete a property condition disclosure statement, and sellers have a duty to disclose known material defects that are not readily observable. Real estate licensees have their own disclosure obligations. The practical rule: disclose it. Undisclosed problems surface at inspection or after closing, and they cost far more then.

Attorney review

The same three-business-day period applies to you. Have an attorney lined up before you go under contract, not after.

Inspection negotiation

Expect the buyer's inspection to produce a list. You are generally not obligated to repair everything on it. What matters is what the contract says, what is material, and what the deal can absorb.

Smoke, carbon monoxide and fire extinguisher certification

Required before closing, issued by the local fire official after inspection. Some municipalities also require a resale certificate of occupancy. Book these early — scheduling backlogs are a common cause of delayed closings.

Realty transfer fee and related items

Sellers generally pay New Jersey's realty transfer fee at closing, with partial exemptions available in certain cases such as qualifying senior or disabled sellers. Non-resident sellers may face additional withholding requirements. Rates, exemptions and thresholds are set by statute and change; confirm current figures with your attorney or accountant.

Oil tanks, well and septic

If your property has or had an underground storage tank, or is on well or septic, expect testing and get ahead of the documentation.