Contracts
A NJ seller's disclosure form revealing a history of termite damage was provided to the buyer before signing. The buyer signed the contract acknowledging receipt. If termite damage later causes significant repair costs, the seller is:
AFully liable regardless of disclosure
BGenerally protected from liability for disclosed conditions that the buyer accepted with knowledge✓ Correct
CStill liable for undisclosed consequential damages
DLiable only if the buyer did not have an inspection
Explanation
When a seller properly discloses a known condition and the buyer accepts the property with knowledge of that condition, the seller generally has limited liability for that disclosed defect. Proper disclosure is a key protection for sellers.
Related New Jersey Contracts Questions
- In NJ, a 'final walkthrough' conducted just before closing is designed to ensure:
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- Specific performance as a legal remedy in real estate means the court:
- A contract is executed when:
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- The parol evidence rule in NJ contract law generally prevents parties from:
- The New Jersey Seller's Property Condition Disclosure Statement requires sellers of residential property to disclose:
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