New Jersey Disclosure Overview
NJ does not have a single disclosure statute equivalent to other states, but sellers have a robust set of obligations:
Mandatory Attorney Review
Under NJ Supreme Court rules, every residential purchase contract is subject to a 3-business-day attorney review period. Either party's attorney may disapprove the contract without cause. This is non-waivable. Both parties must have attorneys.
Property Condition Disclosure
NJ sellers must provide a Seller's Property Disclosure Statement (standard NJ REALTORS form) disclosing:
Underground Oil Tanks
NJ has hundreds of thousands of homes with underground heating oil tanks. Sellers must disclose known tanks. Buyers routinely require tank sweeps. An undisclosed leaking tank triggers NJDEP cleanup obligations that can cost $50,000+.
NJ Realty Transfer Fee
While not a disclosure, sellers must understand the NJ Realty Transfer Fee. For a $500K sale: approximately $3,000 seller-side. The fee scales with sale price.
Non-Resident Exit Tax
Non-NJ-resident sellers must pay an estimated exit tax at closing equal to the greater of 2% of the sale price or 8.97% of estimated gain. This is a prepayment of NJ income tax.
Find New Jersey real estate attorneys at byownerhub.com/new-jersey-fsbo-guide.