In New Jersey, failing to provide a buyer with a signed Seller’s Property Condition Disclosure (“Seller’s Disclosure”) can be very costly for a real estate licensee.
This is because if a buyer is not provided an executed Seller’s Disclosure, and it is found that a real estate licensee repeated a seller’s misrepresentation(s) even if the licensee has no knowledge that the representations are false or deceptive, a licensee may be liable for treble damages and payment of the purchaser’s attorney’s fees under the New Jersey Consumer Fraud Act (the “NJ CFA”).
Although there is no statute in New Jersey expressly requiring the Seller’s Disclosure, providing one can shield a licensee from liability under the NJ CFA.
Read full article at plllaw.com: Real Estate Brokers Beware