This would include responses to a request for documents about a property under the New Jersey Open Public Records Act ("OPRA") that a buyers' agent provides to buyers that turns out to include incorrect information. Buyers' agents must be aware that there is potential Consumer Fraud Act ("CFA") liability for buyers' agents who obtain information on behalf of buyers that proves to be false or misleading.It also includes examples of documents that a buyer may want to request, such as open and closed permits, documents about variances, code citations, inspections, certificate of occupancy, a list of off-site conditions that may affect the value of the property and ordinances indicating if the property is in an air safety zone. New Jersey REALTORS® Open Public Records Act Notice To Buyers, explains to buyers that they can obtain documents relating to a property under OPRA.The date on the bottom of the new forms is 6/2021.Ġ1/2021 - New Form: NJ REALTORS® Open Public Records Act Notice to Buyers The form therefore continues to protect real estate licensees, buyers and sellers, as well as tenants and landlords, from a claim about having caught COVID-19 during a showing. It is recommended that the COVID-19 Hold Harmless forms be used for the foreseeable future since people still are carrying and can catch COVID-19. The Broker Open House Hold Harmless and Release has also been updated and streamlined to cover multiple open houses that a Broker may hold for a Seller and that a Buyer's Agent may attend for the property. A Broker only will have to have one form signed by the Buyer or Tenant and that form will cover all the "properties" that the Buyer or Tenant will visit rather than having a new form signed for each property. The same holds true for the Buyers'/Tenants' Hold Harmless. For example, the new Seller/Landlord form only has to be signed once by the Seller/Landlord for their listed property rather than them having to sign a new form every time a new Buyer or Tenant visits the property. These forms have been streamlined and are more user friendly. The Hold Harmless and Release Regarding COVID-19 forms for Sellers and Landlords, as well as for Buyers and Tenants, each have been combined and there now is one form for Buyers/Tenants and one form for Sellers/Landlords. Broker Open House Hold Harmless & Release Regarding COVID-19.Sellers'/Landlords' Hold Harmless & Release Regarding COVID-19.Buyers'/Tenants' Hold Harmless & Release Regarding COVID-19.On page 7, a new Section C, "The Solar Panel System is Subject to Energy Certificates", has been added.Ġ6/2021 - Updated Forms: Hold Harmless & Release Forms Regarding COVID-19.SRECs II (from the Successor, or SUSI Program) Transition RECS, known as TRECS (from the Transition Program) Regular SRECS (from the Legacy Program) The form now acknowledges that a solar facility can be receiving one of three types of RECS, each of which has a different value: This form update recognizes a new form of solar renewable energy certificates (RECs) is available from the New Jersey Board of Public Utilities. On page 7, a new question, "Lead Plumbing", has been added in accordance with the above legislation.This includes service lines, piping materials, fixtures, solder, and more. Murphy signed legislation, S-829, which requires the property condition disclosure statement to include a question concerning the presence of lead plumbing in a property being sold. New Jersey REALTORS® Form 140 Seller Property Condition Disclosure Statement has two updates concerning solar panels and lead plumbing. New Jersey REALTORS® has also updated the Residential Lease, Section 35 by adding new (B) New Jersey Lead-Based Paint Inspection Law Acknowledgement.ĭate on the bottom of both forms is 07/2022ġ1/2021 - Updated Form: Seller Property Condition Disclosure Statement Lines 213-214 and Section 13, new (D) Rental Dwelling Inspections. New Jersey REALTORS® has however, updated the Statewide New Jersey REALTORS® Standard Form of Real Estate Sales Contract to provide notice to Buyers who are purchasing the property with tenancies or who may use the property as a rental in the future. This new law is not currently tied to time-of-sale requirements. Beginning July 22, 2022, lead paint inspection and remediation will be required for residential one- and two-family rental properties upon tenant turnover or by July 24, 2024, if there is no tenant turnover. Governor Murphy signed the Lead Remediation Requirements. 07/2022 - Revisions to Form 118: Contract of Sale & Form 125: Residential Lease
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