A New Jersey seller knowingly omits a history of termite infestation from the Property Condition Disclosure Statement and the buyer later discovers the damage after closing. The buyer's attorney advises that in addition to a claim under the Residential Property Condition Disclosure Act, the buyer may also have a strong claim under another New Jersey statute that provides for treble damages. Which statute is the attorney most likely referencing?
Correct Answer
B) The New Jersey Consumer Fraud Act, N.J.S.A. 56:8-1 et seq.
The New Jersey Consumer Fraud Act (N.J.S.A. 56:8-1 et seq.) prohibits knowing concealment of material facts in connection with the sale of real estate. A seller who knowingly omits a history of termite infestation from the disclosure statement has engaged in knowing concealment, which is a violation of the Consumer Fraud Act. The statute's signature remedy is treble damages (three times actual damages) plus attorney's fees, making it the statute the buyer's attorney is most likely referencing.
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Related Topics & Key Terms
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Related Concepts
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
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