NCJAR News
Understanding Seller Disclosures: What Home Sellers in North Central Jersey Need to Know
When selling a home, it’s essential to disclose certain characteristics of the property to potential buyers. A REALTOR® can help you understand your disclosure obligations and guide you through the process. Here’s what you need to know about seller disclosures to ensure a smooth home sale.
What Are Seller Disclosures?
Seller disclosures refer to material defects—issues with a home that may negatively impact its value—that sellers must legally disclose to buyers. The specifics of these disclosures depend on state and local laws. However, common disclosures include:
- Completed repairs
- Natural hazards (e.g., flood zones, earthquake-prone areas)
- Property defects (e.g., foundation issues, plumbing problems)
- Missing essentials (e.g., non-functioning HVAC, broken appliances)
- Land-use limitations (e.g., zoning restrictions, easements)
- Homeowners Association (HOA) regulations
- Deaths on the property
- Other conditions that may impact the home’s value
NCJAR is pleased to welcome Michael Vigna, the Chief Operating Officer of That 1 Painter in Central Jersey, as a new affiliate member. That 1 Painter offers a range of Sell Ready Services designed to provide fast, budget-friendly solutions to get homes market-ready.Join Jeff Jones, NCJAR's 2025 President, for this week's update! Get important details on the new New Jersey Realtor Residential Listing Agreement forms, the 2025 Affiliate Sponsorship opportunity for the Circle of Excellence Gala on March 20th, and the exciting announcement of Bill Hanley as NCJAR's new CEO. Visit www.NCJAR.com for more updates!
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U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-overyear, driven largely by purchases of homes priced $500,000 and above. Monthover-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
- Single Family Closed Sales were up 8.6 percent to 1,128.
- Townhouse-Condo Closed Sales were up 1.8 percent to 290.
- Adult Communities Closed Sales were down 2.6 percent to 37.
