Legal Question in Real Estate Law in New Jersey
Purchasing a home in NJ with an out of state owner
I am interested in buying a home that is listed on MLS with an out of state owner (NC). I have already submitted a bid. I am told that their is no disclosure because the owner inherited the house and does not live there - it is currently rented. If anyone else has had that house inspected, do the results have to be provided as disclosure? It is on the market almost 300 days & I can't believe their was no offers & inspections done. There is evidence of a previous oil tank in ground and dug up recently. Does one have to register with the town that they are removing it and prove that there is no remediation or contamination? This house was built in 1947. There buyers realtor that I am using has advised of asbestos on the outside clapboards and lead paint. Thanks for your help.
1 Answer from Attorneys
Re: Purchasing a home in NJ with an out of state owner
In NJ, you have the right for an attorney review of your Contract during the first 3 days after you have received a copy of the Contract also signed by the seller.
Where there is an out-of-state owner who inherited the house, AND a tenant, AND anything to do with an oil tank [yes, there are government agencies who have to approve removal of the tank and remediation if it is required], AND the possibilities of asbestos and lead-based paint, you need the advice of a lawyer.
In any case, you should also have your own inspection. You cannot rely on previous inspections, if any were done.
If you are past the attorney review period, depending on what your Contract says about contingencies, you may still be able to negotiate for resolution of the many issues you have raised, and/or to cancel the Contract and have your deposit refunded to you.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
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