Property Management
The NJ Truth in Renting Act requires landlords to:
AProvide a written statement of tenants' rights before signing a lease✓ Correct
BOffer a 30-day cooling-off period for leases
CMaintain a security deposit in a separate account paying market-rate interest
DNotify the municipality before raising rents
Explanation
NJ's Truth in Renting Act requires landlords of certain residential rentals to provide tenants with a statement of their rights before or at the start of the tenancy.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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