Maria is purchasing a single-family home in Trenton, New Jersey. The seller did not provide her with a Property Condition Disclosure Statement before she signed the purchase contract. Under the New Jersey Residential Property Condition Disclosure Act, what right does Maria have?
Correct Answer
D) Maria may rescind the contract within five days of receiving the disclosure statement.
Under the New Jersey Residential Property Condition Disclosure Act (N.J.S.A. 46:3C-1 et seq.), if the seller fails to provide the Property Condition Disclosure Statement before or at the time the buyer signs the purchase contract, the buyer has the right to rescind the contract within five calendar days of receiving the statement. This five-day rescission right is a specific and heavily tested NJ statutory protection.
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Related Topics & Key Terms
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Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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