NCJAR News
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Between signing a contract and closing on a home, many buyers opt for a home inspection to ensure the property is in good condition and safe for its new owner. Here’s what every buyer and seller should know about the process:
What is a Home Inspection?
A home inspection is a professional evaluation of a home’s condition, covering its structure, roof, plumbing, electrical systems, HVAC, interiors, and more. Inspectors may also test for health hazards like mold, radon gas, lead paint, or asbestos.
Are Home Inspections Required?
While not mandatory, buyers often include inspections as a contingency in their purchase agreements. This contingency gives buyers the right to renegotiate or even withdraw their offer if the inspection uncovers significant issues. However, in competitive markets, some buyers waive inspections to make their offers more appealing. Alternatively, buyers may limit repair requests to major issues only.
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
- Single Family Closed Sales were up 1.2 percent to 1,409.
- Townhouse-Condo Closed Sales were down 3.4 percent to 373.
- Adult Communities Closed Sales were down 22.0 percent to 32.
We want to keep you informed about recent changes affecting New Jersey real estate licensees. On July 10, 2024, the Governor signed new legislation into law, introducing significant updates to the types of agency relationships applicable in New Jersey. One of these changes directly impacts your continuing education (CE) requirements.
To renew your license for 2025, you must complete at least 12 CE credits, including:
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1 Hour – Fair Housing & NJ Law Against Discrimination (Core)
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1 Hour – Agency (Core – New Requirement)
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2 Hours – Ethics (Core)
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2 Hours – Additional Core Credits
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6 Hours – Electives (can include Core, Ethics, Fair Housing, or Agency credits)
