New Jersey Form 118 PDF Details

The New Jersey Form 118 is a information return that must be filed by any entity, other than an individual, receiving $5,000 or more in gross income from the sale of services rendered within New Jersey. The form is also used to report withholding on income payments made to nonresidents of New Jersey. Penalties may apply for failure to timely file the return or for incorrect information reported on the form. Get familiar with the requirements and deadlines for filing this form with the state of New Jersey by reading this blog post.

You may find info about the type of form you intend to complete in the table. It can show you the time it will take to finish new jersey form 118, exactly what parts you need to fill in and several other specific facts.

QuestionAnswer
Form NameNew Jersey Form 118
Form Length13 pages
Fillable?Yes
Fillable fields160
Avg. time to fill out35 min 19 sec
Other namesnew jersey realtors form 118 statewide 3 20, njar, nj real estate contract 2020 pdf, new jersey real estate sales contract pdf

Form Preview Example

NOTICE

TO BUYER AND SELLER

READ THIS NOTICE BEFORE SIGNING THE CONTRACT

The

Law

requires

real

estate brokers

to

give

you the following

information

before you sign

this

contract.

It

requires

us to

tell you

that

you must read

all

of it

before you sign. The purpose

is to help you

in

this

purchase

or

sale.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1)

As a real estate broker, I represent:

 

the seller, not the buyer;

the buyer, not the seller;

 

 

 

 

 

 

 

both the seller and the buyer;

neither the seller nor the buyer.

 

 

 

 

 

 

 

 

 

The title company does not represent either the seller or the buyer.

 

 

 

 

 

 

 

 

2)

You will not get any legal advice

 

unless you have your own lawyer. Neither I nor anyone

from

the title

com­

pany can give legal advice

to either the

buyer or the seller. If you do

not hire a lawyer, no one

will

represent

you

in legal matters now or at the closing. Neither I nor the title company will represent you in those matters.

 

 

 

 

 

 

3) The contract is the most important part of the transaction. It determines your rights, risks, and obligations. Signing the contract is a big step. A lawyer would review the contract, help you to understand it, and to negoti­ ate its terms.

4) The contract becomes final and binding unless

your

lawyer

cancels it

within

the

following three business

days. If you do not have a lawyer, you cannot change

or

cancel

the contract

unless

the

other party agrees. Nei­

ther can the real estate broker nor the title insurance company change the contract.

 

 

 

5) Another important service of a lawyer is to order a survey, title report, or other important reports. The lawyer will review them and help to resolve any questions that may arise about the ownership and condition of the property. These reports and survey can cost you a lot of money. A lawyer will also prepare the documents needed to close title and represent you at the closing.

6)

A buyer

without a lawyer

runs

special risks. Only a lawyer can advise a buyer about what to do

if problems

arise

concerning

the purchase

of

this

property. The problems may be about the seller's

title, the size

and

shape

of the property, or other matters that

may affect the value of the property. If either the broker or the

title

com­

pany knows about the problems, they

should tell you. But they may not recognize the problem, see it

from

your

point of view, or know what

to

do.

Ordinarily, the broker and

the title company have

an interest in

seeing that

the sale is completed, because

only then do they usually receive

their commissions. So,

their interests

may

differ

from yours.

 

 

 

 

 

 

 

 

7)Whether you retain a lawyer is up to you. It is your decision. The purpose of this notice is to make sure that you have the information needed to make your decision.

SELLER

DATE

 

BUYER

DATE

 

 

 

 

 

 

SELLER

DATE

BUYER

DATE

 

 

 

 

 

 

SELLER

DATE

BUYER

DATE

 

 

 

 

 

 

SELLER

DATE

BUYER

DATE

 

 

 

 

 

 

Listing Broker

 

 

Selling Broker

 

Prepared by:

 

 

 

 

 

 

Name of Real Estate Licensee

 

 

 

New Jersey Realtors® Form 118­Statewide 4/17 Page 1 of 13

STATEWIDE NEW JERSEY REALTORS® STANDARD FORM

OF REAL ESTATE SALES CONTRACT

©2016 New Jersey REALTORS®, Inc.

THIS FORM MAY BE USED ONLY IN THE SALE OF A ONE TO FOUR-FAMILY RESIDENTIAL PROPERTY

OR VACANT ONE-FAMILY LOTS. THIS FORM IS SUITABLE FOR USE ONLY WHERE THE SELLER HAS

PREVIOUSLY EXECUTED A WRITTEN LISTING AGREEMENT.

THIS IS A LEGALLY BINDING CONTRACT THAT WILL BECOME FINAL WITHIN THREE BUSINESS DAYS.

DURING THIS PERIOD YOU MAY CHOOSE TO CONSULT AN ATTORNEY WHO CAN REVIEW AND CANCEL THE

CONTRACT. SEE SECTION ON ATTORNEY REVIEW FOR DETAILS.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

1.PARTIES AND PROPERTY DESCRIPTION

2.PURCHASE PRICE

3.MANNER OF PAYMENT

4.SUFFICIENT ASSETS

5.ACCURATE DISCLOSURE OF SELLING PRICE

6.ITEMS INCLUDED IN SALE

7.ITEMS EXCLUDED FROM SALE

8.DATES AND TIMES FOR PERFORMANCE

9..CERTIFICATE OF OCCUPANCY AND ZONING COMPLIANCE

10.MUNICIPAL ASSESSMENTS

11.QUALITY AND INSURABILITY OF TITLE

12.POSSESSION, OCCUPANCY AND TENANCIES

13.LEAD­BASED PAINT AND/OR LEAD­ BASED PAINT HAZARD

14.POINT OF ENTRY TREATMENT SYSTEMS

TABLE OF CONTENTS

15.CESSPOOL REQUIREMENTS

16.INSPECTION CONTINGENCY CLAUSE

17.MEGAN'S LAW STATEMENT

18.MEGAN'S LAW REGISTRY

19.NOTIFICATION REGARDING OFF­ SITE CONDITIONS

20.AIR SAFETY AND ZONING NOTICE

21.BULK SALES

22.NOTICE TO BUYER CONCERNING INSURANCE

23.MAINTENANCE AND CONDITION OF PROPERTY

24.RISK OF LOSS

25.INITIAL AND FINAL WALK­ THROUGHS

26.ADJUSTMENTS AT CLOSING

27.FAILURE OF BUYER OR SELLER TO CLOSE.

28.CONSUMER INFORMATION STATEMENT ACKNOWLEDGEMENT

29.DECLARATION OF BROKER(S) BUSINESS RELATIONSHIP(S)

30.BROKERS' INFORMATION AND COMMISSION

31..EQUITABLE LIEN

32.DISCLOSURE THAT BUYER OR SELLER IS A REAL ESTATE LICENSEE

33.BROKERS TO RECEIVE CLOSING DISCLOSURE AND OTHER DOCUMENTS

34.PROFESSIONAL REFERRALS

35.ATTORNEY­REVIEW CLAUSE

36.NOTICES

37.NO ASSIGNMENT

38.ELECTRONIC SIGNATURES AND DOCUMENTS

39.CORPORATE RESOLUTIONS

40.ENTIRE AGREEMENT; PARTIES LIABLE

41.APPLICABLE LAWS

42.ADDENDA

43ADDITIONAL CONTRACTUAL PROVISIONS

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

1.PARTIES AND PROPERTY DESCRIPTION:

 

 

 

 

 

(“Buyer”),

 

 

 

, (“Buyer”),

 

 

 

 

 

(“Buyer”),

 

 

, (“Buyer”),

whose address

is/are

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGREES TO PURCHASE FROM

 

 

 

 

 

 

 

 

 

 

 

(“Seller”),

 

 

 

, (“Seller”),

 

 

 

 

 

(“Seller”),

 

 

, (“Seller”),

whose address

is/are

 

 

 

 

 

 

 

 

 

 

THROUGH THE BROKER(S) NAMED IN THIS CONTRACT AT THE PRICE AND TERMS STATED BELOW, THE

FOLLOWING PROPERTY:

 

 

 

 

 

 

Property Address:

 

 

 

 

 

 

 

shown on the municipal tax map of

 

 

 

County

as Block

 

 

Lot

(the “Property”).

 

 

 

THE WORDS “BUYER” AND “SELLER” INCLUDE ALL BUYERS AND SELLERS LISTED ABOVE.

2.PURCHASE PRICE:

TOTAL PURCHASE PRICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ INITIAL DEPOSIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ADDITIONAL DEPOSIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ MORTGAGE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ BALANCE OF PURCHASE PRICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

New Jersey Realtors® Form 118­Statewide 4/17 Page 2 of 13

Buyer's

 

Seller's

 

Initials:

 

Initials:

513. MANNER OF PAYMENT:

52

(A) INITIAL DEPOSIT to be paid by Buyer to

Listing Broker

Participating Broker

Buyer's Attorney

Title Company

53

Other

, on or before

 

(date) (if left blank, then within five (5)

54business days after the fully signed Contract has been delivered to both Buyer and the Seller).

55

56(B) ADDITIONAL DEPOSIT to be paid by Buyer to the party who will be responsible for holding the escrow who is identified below

57

on or before

(date) (if left blank, then within ten (10) calendar days after the fully signed Contract has been

58delivered to both the Buyer and the Seller).

59

(C) ESCROW: All initial and additional deposit monies paid by

Buyer

shall be held in escrow in the NON-INTEREST

60

61

BEARING TRUST ACCOUNT of

 

 

 

,

(“Escrowee”), until the Closing, at which time all

62

monies shall be paid over to Seller.

The deposit monies

shall not be paid over to Seller prior

to the Closing, unless otherwise agreed

63

in writing by both Buyer and Seller. If Buyer and Seller

cannot agree

on the disbursement of

these escrow monies, the Escrowee may

64place the deposit monies in Court requesting the Court to resolve the dispute.

65

66(D) IF PERFORMANCE BY BUYER IS CONTINGENT UPON OBTAINING A MORTGAGE:

67

If payment of the purchase price requires

a mortgage loan other

than by

Seller or other than assumption

of Seller's

mortgage,

68

Buyer shall apply for the loan through any

lending institution of Buyer's choice in writing on lender's standard

form within

ten (10)

69

calendar days after the attorney­review period is completed or, if this Contract is timely disapproved by an attorney as provided in the

70

Attorney­Review Clause Section of this Contract, then within ten (10)

calendar

days after the parties agree to the

terms of this

Contract,

71and use best efforts to obtain it. Buyer shall supply all necessary information and fees required by the proposed lender and shall authorize

72 the lender to communicate with the real estate brokers(s) and involved attorney(s). Buyer shall obtain a written commitment from the

73lending institution to make a loan on the property under the following terms:

75

Principal Amount $

 

 

Type of Mortgage:

VA

FHA

 

Conventional

Other

 

 

 

 

76

Term of Mortgage:

 

 

 

 

years, with monthly payments based on a

 

 

year payment schedule.

 

 

77

The written mortgage commitment must be delivered to Seller's agent, who is the Listing Broker identified in Section 30, and Seller's

78

79

attorney, if applicable, no later than

 

 

 

 

 

 

 

 

 

 

(date)(if

left blank, then within thirty (30) calendar days after

80

the attorney­review period is completed,

 

or

if

this

Contract

is timely disapproved by an attorney as provided in the Attorney­Review

81

Clause Section of this Contract, then within

thirty

(30) calendar

days after

the parties agree to the terms of

this Contract). Thereafter,

82

if Buyer has not obtained the commitment, then either Buyer or Seller may void this Contract by written notice to the other party and

83

Broker(s) within ten (10) calendar days

of

the

commitment

date

or any

extension

of the commitment

date,

whichever

is

later. If this

84

Contract is voided, the deposit monies paid

by

Buyer shall

be returned

to

Buyer

notwithstanding

any

other

provision

in

this Contract,

85provided, however, if Seller alleges in writing to Escrowee within said ten (10) calendar days of the commitment date or any extension of

86the commitment date, whichever is later, that the failure to obtain the mortgage commitment is the result of Buyer's bad faith, negligence,

87 intentional conduct or failure to diligently pursue the mortgage application, then Escrowee shall not return the deposit monies to Buyer

88without the written authorization of Seller.

89

90(E) BALANCE OF PURCHASE PRICE: The balance of the purchase price shall be paid by Buyer in cash, or by certified, cashier's

91check or trust account check.

92

93Payment of the balance of the purchase price by Buyer shall be made at the closing, which will take place on

 

 

 

94

(date) at the office of Buyer's closing agent or such other place as Seller

95and Buyer may agree (“the Closing”).

96

974. SUFFICIENT ASSETS:

98 Buyer represents that Buyer has or will have as of the Closing, all necessary cash assets, together with the mortgage loan proceeds, to

99complete the Closing. Should Buyer not have sufficient cash assets at the Closing, Buyer will be in breach of this Contract and Seller shall

100be entitled to any remedies as provided by law.

101

1025. ACCURATE DISCLOSURE OF SELLING PRICE:

103Buyer and Seller certify that this Contract accurately reflects the gross sale price as indicated in Section 2 of this Contract. Buyer and

104Seller understand and agree that this information shall be disclosed to the Internal Revenue Service and other governmental agencies as

105required by law.

106

1076. ITEMS INCLUDED IN SALE:

108

The Property includes all fixtures

permanently

attached to the building(s), and all shrubbery, plantings and fencing,

gas and

electric

109

fixtures, cooking ranges and ovens,

hot water

heaters, flooring, screens, storm sashes, shades, blinds, awnings, radiator

covers,

heating

110apparatus and sump pumps, if any, except where owned by tenants, are included in this sale. All of the appliances shall be in working

New Jersey Realtors® Form 118­Statewide 4/17 Page 3 of 13

Buyer's

 

Seller's

 

Initials:

 

Initials:

111order as of the Closing. Seller does not guarantee the condition of the appliances after the Deed and affidavit of title have been delivered

112 to Buyer at the Closing. The following items are also specifically included (If reference is made to the MLS Sheet and/or any other

113document, then the document(s) referenced should be attached.):

1187. ITEMS EXCLUDED FROM SALE: (If reference is made to the MLS Sheet and/or any other document, then the document(s)

119referenced should be attached.):

1248. DATES AND TIMES FOR PERFORMANCE:

125Seller and Buyer agree that all dates and times included in this Contract are of the essence. This means that Seller and Buyer must satisfy

126 the terms of this Contract within the time limits that are set in this Contract or will be in default, except as otherwise provided in this

127Contract or required by applicable law, including but not limited to if the Closing has to be delayed either because a lender does not timely

128provide documents through no fault of Buyer or Seller or for three (3) business days because of the change of terms as required by the

129Consumer Financial Protection Bureau.

130

131(A) Additional documents from lenders or other property owners:

132If a lender or other property owner requires that any addendum or other document be signed for a property it owns in connection with this

133Contract, “final execution date,” “acknowledgement date,” or similar language that sets the time period for the completion of any conditions

134or contingencies, including but not limited to inspections and financing, shall mean that the time will begin to run after the attorney­review

135period is completed or, if this Contract is timely disapproved by an attorney as provided in the Attorney­Review Clause Section of this

136Contract, then from the date the parties agree to the terms of this Contract.

137

1389. CERTIFICATE OF OCCUPANCY AND ZONING COMPLIANCE:

139Seller makes no representations concerning existing zoning ordinances, except that Seller's use of the Property is not presently in violation

140of any zoning ordinances.

141

142Some municipalities may require a Certificate of Occupancy or Housing Code Letter to be issued. If any is required for this Property,

143Seller shall obtain it at Seller's expense and provide to Buyer prior to Closing and shall be responsible to make and pay for any repairs

144

required in order to obtain the Certificate or Letter. However, if this expense exceeds $

(if left blank, then 1.5% of the

145purchase price) to Seller, then Seller may terminate this Contract and refund to Buyer all deposit monies plus Buyer's reasonable expenses,

146if any, in connection with this transaction unless Buyer elects to make repairs in excess of said amount at Buyer's expense, in which event

147Seller shall not have the right to terminate this Contract. In addition, Seller shall comply with all New Jersey laws, and local ordinances,

148including but not limited to smoke detectors, carbon monoxide detectors, fire extinguishers and indoor sprinklers, the cost of which shall

149be paid by Seller and not be considered as a repair cost.

150

10. MUNICIPAL ASSESSMENTS: (Seller represents that Seller

has

has not been notified of any such municipal assessments as

151

152explained in this Section.)

154

Title shall be free and clear of all assessments for municipal improvements, including but not limited to municipal liens, as well as

155

assessments and liabilities for future assessments for improvements constructed and completed. All confirmed assessments and all

156unconfirmed assessments that have been or may be imposed by the municipality for improvements that have been completed as of the

157Closing are to be paid in full by Seller or credited to Buyer at the Closing. A confirmed assessment is a lien against the Property. An

158unconfirmed assessment is a potential lien that, when approved by the appropriate governmental entity, will become a legal claim against

159the Property.

160

16111. QUALITY AND INSURABILITY OF TITLE:

162At the Closing, Seller shall deliver a duly executed Bargain and Sale Deed with Covenant as to Grantor's Acts or other Deed satisfactory

163to Buyer. Title to the Property will be free from all claims or rights of others, except as described in this Section and Section 12, of this

164Contract. The Deed shall contain the full legal description of the Property.

165

This sale will be

subject to utility and other easements and restrictions of record, if any, and such state of facts as an accurate survey

166

167

might disclose, provided such easement or restriction does not

unreasonably limit the use of the Property. Generally, an easement is a

168

right of a person other than the owner of property to use a portion of the property for a special purpose. A restriction is a recorded

169

limitation on the

manner in which a property owner may use

the property. Buyer does not have to complete the purchase, however,

170

if any easement,

restriction or facts disclosed by an accurate

survey would substantially interfere with the use of the Property for

171residential purposes. A violation of any restriction shall not be a reason for Buyer refusing to complete the Closing as long as the title

172company insures Buyer against loss at regular rates. The sale also will be made subject to applicable zoning ordinances, provided that

173the ordinances do not render title unmarketable.

174

New Jersey Realtors® Form 118­Statewide 4/17 Page 4 of 13

Buyer's

 

Seller's

 

 

 

Initials:

175

Title

to

the

Property

shall

be

good, marketable and insurable,

at regular

rates, by any title insurance company

licensed

to do

business

176

in New Jersey, subject only to the claims and rights described in this section and Section 12. Buyer agrees to order a title insurance

177

commitment

(title search)

and

survey,

if

required

by Buyer's

lender,

title company

or the

municipality where

the

Property is located,

178

and

to

furnish

copies

to Seller. If Seller's title contains any

exceptions

other than as set forth in this section,

Buyer shall notify Seller

179

and

Seller

shall

have

thirty (30) calendar days within which

to eliminate those exceptions. Seller represents,

to the best of Seller's

180

knowledge,

that

there are

no

restrictions

in

any conveyance or

plans of record that will prohibit use and/or occupancy of the Property

181

as a

 

 

 

 

 

 

 

 

 

family residential dwelling. Seller represents that all buildings and other improvements on the Property are

182

within

its

boundary

lines and

that

no

improvements

on

adjoining

properties

extend

across

boundary

lines

of

the

Property.

183

If Seller is

unable to

transfer

the

quality

of

title

required

and

Buyer

and

Seller are

unable

to agree

upon a reduction

of the

purchase

184

185price, Buyer shall have the option to either void this Contract, in which case the monies paid by Buyer toward the purchase price shall

186be returned to Buyer, together with the actual costs of the title search and the survey and the mortgage application fees in preparing for

187the Closing without further liability to Seller, or to proceed with the Closing without any reduction of the purchase price.

188

18912. POSSESSION, OCCUPANCY AND TENANCIES:

190(A) Possession and Occupancy.

191Possession and occupancy will be given to Buyer at the Closing. Buyer shall be entitled to possession of the Property, and any rents or

192profits from the Property, immediately upon the delivery of the Deed and the Closing. Seller shall pay off any person with a claim or right

193affecting the Property from the proceeds of this sale at or before the Closing.

194

(B) Tenancies.

Applicable

Not Applicable

195

196

Occupancy will

be subject to the

tenancies listed below as of Closing. Seller represents that the tenancies are not in violation of any

197existing Municipal, County, State or Federal rules, regulations or laws. Seller agrees to transfer all security deposits to Buyer at the Closing

198and to provide to Brokers and Buyer a copy of all leases concerning the tenancies, if any, along with this Contract when it is signed by

199Seller. Seller represents that such leases can be assigned and that Seller will assign said leases, and Buyer agrees to accept title subject to

200these leases.

201

TENANT'S NAME

LOCATION

RENT

SECURITY DEPOSIT

TERM

202

203

 

 

 

 

 

204

 

 

 

 

 

205

 

 

 

 

 

206

 

 

 

 

 

207

13. LEAD-BASED

PAINT AND/OR LEAD-BASED PAINT

HAZARD: (This

section is applicable only

to all dwellings

208

209

built prior to 1978.)

Applicable Not Applicable

 

 

 

210(A) Document Acknowledgement.

211Buyer acknowledges receipt of the EPA pamphlet entitled “Protect Your Family From Lead In Your Home.” Moreover, a copy of a

212document entitled “Disclosure of Information and Acknowledgement Lead­Based Paint and Lead­Based Paint Hazards” has been fully

213completed and signed by Buyer, Seller and Broker(s) and is appended to” and made a part of this Contract.

214

215(B) Lead Warning Statement.

216Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such

217property may present exposure to lead from lead­based paint that may place young children at risk of developing lead poisoning. Lead

218 poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient,

219behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest

220

in residential real property is required to provide the buyer with any information on lead­based paint hazards from risk assessments or

221

inspections in the seller's possession and notify the buyer of any known lead­based paint hazards. A risk assessment or inspection for

222possible lead­based paint hazards is recommended prior to purchase.

223

224(C) Inspection.

225 The law requires that, unless Buyer and Seller agree to a longer or shorter period, Seller must allow Buyer a ten (10) day period

226within which to complete an inspection and/or risk assessment of the Property as set forth in the next paragraph. Buyer, however, has the

227right to waive this requirement in its entirety.

228

229 This Contract is contingent upon an inspection and/or risk assessment (the “Inspection”) of the Property by a certified inspector/risk

230assessor for the presence of lead­based paint and/or lead­based paint hazards. The Inspection shall be ordered and obtained by Buyer at

231Buyer's expense within ten (10) calendar days after the attorney­review period is completed or, if this Contract is timely disapproved by an

232 attorney as provided in the Attorney­Review Clause Section of this Contract, then within ten (10) days after the parties agree to

233the terms in this Contract (“Completion Date”). If the Inspection indicates that no lead­based paint or lead­based paint hazard is present

234at the Property, this contingency clause shall be deemed null and void. If the Inspection indicates that lead­based paint or lead­based paint

235hazard is present at the Property, this contingency clause will terminate at the time set forth above unless, within five (5) business days from

236the Completion Date, Buyer delivers a copy of the inspection and/or risk assessment report to Seller and Brokers and (1) advises Seller

237and Brokers, in writing that Buyer is voiding this Contract; or (2) delivers to Seller and Brokers a written amendment (the “Amendment”)

New Jersey Realtors® Form 118­Statewide 4/17 Page 5 of 13

Buyer's

 

Seller's

 

Initials:

 

Initials:

238 to this Contract listing the specific existing deficiencies and corrections required by Buyer. The Amendment shall provide that Seller

239agrees to (a) correct the deficiencies; and (b) furnish Buyer with a certification from a certified inspector/risk assessor that the deficiencies

240

have been corrected, before the Closing. Seller shall have

(if left blank, then 3) business days after receipt of the Amendment

241to sign and return it to Buyer or send a written counter­proposal to Buyer. If Seller does not sign and return the Amendment or fails to

242

offer a counter­proposal, this Contract shall be null and void. If Seller offers a counter­proposal, Buyer shall have

(if left

243blank, then 3) business days after receipt of the counter­proposal to accept it. If Buyer fails to accept the counter­proposal within the time

244limit provided, this Contract shall be null and void.

245

24614. POINT-OF-ENTRY TREATMENT (“POET”) SYSTEMS: Applicable Not Applicable

247A point­of­entry treatment (“POET”) system is a type of water treatment system used to remove contaminants from the water entering a

248structure from a potable well, usually through a filtration process. Seller represents that a POET system has been installed to an existing

249well on the Property and the POET system was installed and/or maintained using funds received from the New Jersey Spill Compensation

250Fund Claims Program, N.J.S.A. 58:10­23.11, et seq. The Buyer understands that Buyer will not be eligible to receive any such funds for the

251continued maintenance of the POET system. Pursuant to N.J.A.C. 7:1J­2.5(c), Seller agrees to notify the Department of Environmental

252Protection within thirty (30) calendar days of executing this Contract that the Property is to be sold.

253

254 15. CESSPOOL REQUIREMENTS: Applicable Not Applicable

255 (This section is applicable if the Property has a cesspool, except in certain limited circumstances set forth in N.J.A.C.

2567:9A-3.16.) Pursuant to New Jersey's Standards for Individual Subsurface Sewage Disposal Systems, N.J.A.C. 7:9A (the “Standards”), if

257this Contract is for the sale of real property at which any cesspool, privy, outhouse, latrine or pit toilet (collectively “Cesspool”) is located,

258 the Cesspool must be abandoned and replaced with an individual subsurface sewage disposal system at or before the time of the real

259property transfer, except in limited circumstances.

260

(A) Seller represents to Buyer that

no Cesspool is located at or on the Property, or

one or more Cesspools are located at or on the

261

262Property. [If there are one or more Cesspools, then also check EITHER Box 1 or 2 below.]

263

1.

Seller agrees that, prior to the Closing and at its sole cost and expense, Seller shall abandon and replace any and all Cesspools

264

265located at or on the Property and replace such Cesspools with an individual subsurface sewage disposal system (“System”) meeting all

266 the requirements of the Standards. At or prior to the Closing, Seller shall deliver to Buyer a certificate of compliance (“Certificate of

267Compliance”) issued by the administrative authority (“Administrative Authority”) (as those terms are defined in N.J.A.C. 7:9A­2.1) with

268

respect to the System. Notwithstanding

the foregoing,

if

the Administrative Authority

determines that a fully compliant system cannot

269

be installed at the Property, then Seller shall notify Buyer in writing within three (3) business

days of

its receipt of

the Administrative

270

Authority's determination of its intent

to install either

a

nonconforming System or

a permanent

holding tank,

as determined by the

271Administrative Authority ( “Alternate System”), and Buyer shall then have the right to void this Contract by notifying Seller in writing

272

within seven (7) business days of receipt of the notice from Seller. If

Buyer fails to timely void

this Contract, Buyer

shall

have waived its

273

right to cancel this Contract under this paragraph, and Seller shall

install the Alternate System

and, at or prior to

the

Closing, deliver

274to Buyer such Certificate of Compliance or other evidence of approval of the Alternate System as may be issued by the Administrative

275Authority. The delivery of said Certificate of Compliance or other evidence of approval shall be a condition precedent to the Closing; or

276

2.

Buyer agrees that, at its sole cost and expense, Buyer shall take all actions necessary to abandon and replace any and all Cesspools

277

278located at or on the Property and replace such Cesspools with a System meeting all the requirements of the Standards or an Alternate

279System. Buyer shall indemnify and hold Seller harmless for any and all costs, damages, claims, fines, penalties and assessments (including

280but not limited to reasonable attorneys' and experts' fees) arising from Buyer's violation of this paragraph. This paragraph shall survive

281the Closing.

282

283(B) If prior to the Closing, either Buyer or Seller becomes aware of any Cesspool at or on the Property that was not disclosed by Seller

284at or prior to execution of this Contract, the party with knowledge of the newly identified Cesspool shall promptly, but in no event later

285than three (3) business days after receipt of such knowledge, advise the other party of the newly identified Cesspool in writing. In such

286event, the parties in good faith shall agree, no later than seven (7) business days after sending or receiving the written notice of the newly

287identified Cesspool, or the day preceding the scheduled Closing, whichever is sooner, to proceed pursuant to subsection (A) 1 or 2 above

288or such other agreement as satisfies the Standards, or either party may terminate this Contract.

289

29016. INSPECTION CONTINGENCY CLAUSE:

291(A) Responsibilities of Home Ownership.

292Buyer and Seller acknowledge and agree that, because the purchase of a home is one of the most significant investments a person can

293 make in a lifetime, all aspects of this transaction require considerable analysis and investigation by Buyer before closing title to the

294Property. While Brokers and salespersons who are involved in this transaction are trained as licensees under the New Jersey Licensing Act

295they readily acknowledge that they have had no special training or experience with respect to the complexities pertaining to the multitude

296 of structural, topographical and environmental components of this Property. For example, and not by way of limitation, Brokers and

297salespersons have no special training, knowledge or experience with regard to discovering and/or evaluating physical defects, including

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298 structural defects, roof, basement, mechanical equipment, such as heating, air conditioning, and electrical systems, sewage, plumbing,

299exterior drainage, termite, and other types of insect infestation or damage caused by such infestation. Moreover, Brokers and salespersons

300similarly have no special training, knowledge or experience with regard to evaluation of possible environmental conditions which might

301 affect the Property pertaining to the dwelling, such as the existence of radon gas, formaldehyde gas, airborne asbestos fibers, toxic

302chemicals, underground storage tanks, lead, mold or other pollutants in the soil, air or water.

303

304(B) Radon Testing, Reports and Mitigation.

305

(Radon

is

a radioactive gas which results from the natural breakdown

of uranium in soil, rock and water.

It has been

306

found

in

homes all over the United States and is a carcinogen. For

more information on radon, go to

www.epa.gov/

307radon/pubs/citguide.html and www.nj.gov/dep/rpp/radon or call the NJ Radon Hot Line at 800-648-0394 or 609-984- 5425.)

308

309If the Property has been tested for radon prior to the date of this Contract, Seller agrees to provide to Buyer, at the time of the execution

310of this Contract, a copy of the result of the radon test(s) and evidence of any subsequent radon mitigation or treatment of the Property.

311In any event, Buyer shall have the right to conduct a radon inspection/test as provided and subject to the conditions set forth in paragraph

312(D) below. If any test results furnished or obtained by Buyer indicate a concentration level of 4 picocuries per liter (4.0 pCi/L) or more in

313the subject dwelling, Buyer shall then have the right to void this Contract by notifying Seller in writing within seven (7) business days of the

314receipt of any such report. For the purposes of this Section 16, Seller and Buyer agree that, in the event a radon gas concentration level

315in the subject dwelling is determined to be less than 4 picocuries per liter (4.0 pCi/L) without any remediation, such level of radon gas

316concentration shall be deemed to be an acceptable level (“Acceptable Level”) for the purposes of this Contract. Under those circumstances,

317Seller shall be under no obligation to remediate, and this contingency clause as it relates to radon shall be deemed fully satisfied.

318

319If Buyer's qualified inspector reports that the radon gas concentration level in the subject dwelling is four picocuries per liter (4.0 pCi/L)

320 or more, Seller shall have a seven (7) business day period after receipt of such report to notify Buyer in writing that Seller agrees to

321remediate the gas concentration to an Acceptable Level (unless Buyer has voided this Contract as provided in the preceding paragraph).

322Upon such remediation, the contingency in this Contract which relates to radon shall be deemed fully satisfied. If Seller fails to notify

323Buyer of Seller's agreement to so remediate, such failure to so notify shall be deemed to be a refusal by Seller to remediate the radon level

324to an Acceptable Level, and Buyer shall then have the right to void this Contract by notifying Seller in writing within seven (7) calendar

325 days thereafter. If Buyer fails to void this Contract within the seven (7) day period, Buyer shall have waived Buyer's right to cancel

326this Contract and this Contract shall remain in full force and effect, and Seller shall be under no obligation to remediate the radon gas

327concentration. If Seller agrees to remediate the radon to an Acceptable Level, such remediation and associated testing shall be completed

328by Seller prior to the Closing.

329

330(C) Infestation and/or Damage By Wood Boring Insects.

331 Buyer, shall have the right to have the Property inspected by a licensed exterminating company of Buyer's choice, for the purpose of

332determining if the Property is free from infestation and damage from termites or other wood destroying insects. If Buyer chooses to make

333this inspection, Buyer shall pay for the inspection unless Buyer's lender prohibits Buyer from paying, in which case Seller shall pay. The

334

inspection must be completed and written reports must be furnished to Seller and Broker(s) within

(if left blank, then 14) calendar

335days after the attorney­review period is completed or, if this Contract is timely disapproved by an attorney as provided in the Attorney­

336

Review Clause Section of this Contract, then within

(if left blank, then 14) calendar days after the parties agree to the terms of this

337Contract. This report shall state the nature and extent of any infestation and/or damage and the full cost of treatment for any infestation.

338Seller agrees to treat any infestation and cure any damage at Seller's expense prior to Closing, provided however, if the cost to cure exceeds

339

1% of the purchase price of the Property, then either party may void this Contract provided they do so within

(if left blank, then 7)

340business days after the report has been delivered to Seller and Brokers. If Buyer and Seller are unable to agree upon who will pay for the

341cost to cure and neither party timely voids this Contract, then Buyer will be deemed to have waived its right to terminate this Contract

342and will bear the cost to cure that is over 1% of the purchase price, with Seller bearing the cost that is under 1% of the purchase price.

343

344(D) Buyer's Right to Inspections.

345Buyer acknowledges that the Property is being sold in an “as is” condition and that this Contract is entered into based upon the knowledge

346of Buyer as to the value of the land and whatever buildings are upon the Property, and not on any representation made by Seller, Brokers

347or their agents as to character or quality of the Property. Therefore, Buyer, at Buyer's sole cost and expense, is granted the right to have

348the dwelling and all other aspects of the Property, inspected and evaluated by “qualified inspectors” (as the term is defined in subsection

349 G below) for the purpose of determining the existence of any physical defects or environmental conditions such as outlined above. If

350Buyer chooses to make inspections referred to in this paragraph, such inspections must be completed, and written reports including a list

351

of repairs Buyer is requesting must be furnished to Seller and Brokers within

(if left blank, then 14) calendar days after the attorney­

352review period is completed or, if this Contract is timely disapproved by an attorney as provided in the Attorney­Review Clause Section

353

of this Contract, then within

 

 

(if left blank, then 14) calendar days after the parties agree to the terms of this Contract. If Buyer fails

354

to furnish such written reports

to

Seller and Brokers within the

(if left blank, then 14) calendar days specified in this paragraph,

355this contingency clause shall be deemed waived by Buyer, and the Property shall be deemed acceptable by Buyer. The time period for

356furnishing the inspection reports is referred to as the “Inspection Time Period.” Seller shall have all utilities in service for inspections.

357

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358(E) Responsibility to Cure.

359If any physical defects or environmental conditions (other than radon or woodboring insects) are reported by the qualified inspectors to

360Seller within the Inspection Time Period, Seller shall then have seven (7) business days after the receipt of such reports to notify Buyer

361in writing that Seller shall correct or cure any of the defects set forth in such reports. If Seller fails to notify Buyer of Seller's agreement

362to so cure and correct, such failure to so notify shall be deemed to be a refusal by Seller to cure or correct such defects. If Seller fails to

363 agree to cure or correct such defects within the seven (7) business day period, or if the environmental condition at the Property (other

364than radon) is incurable and is of such significance as to unreasonably endanger the health of Buyer, Buyer shall then have the right to

365void this Contract by notifying Seller in writing within seven (7) business days thereafter. If Buyer fails to void this Contract within the

366seven (7) business day period, Buyer shall have waived Buyer's right to cancel this Contract and this Contract shall remain in full force,

367and Seller shall be under no obligation to correct or cure any of the defects set forth in the inspections. If Seller agrees to correct or cure

368such defects, all such repair work shall be completed by Seller prior to the closing of title. Radon at the Property shall be governed by

369the provisions of Paragraph (B), above.

370

371(F) Flood Hazard Area (if applicable).

372The federal and state governments have designated certain areas as flood areas. If the Property is located in a flood area, the use of the

373Property may be limited. If Buyer's inquiry reveals that the Property is in a flood area, Buyer may cancel this Contract within ten (10)

374calendar days after the attorney­review period is completed or, if this Contract is timely disapproved by an attorney as provided in the

375Attorney­Review Clause Section of this Contract, then within ten (10) calendar days after the parties agree to the terms of this Contract.

376If the mortgage lender requires flood insurance, then Buyer shall be responsible for obtaining such insurance on the Property. For a flood

377policy to be in effect immediately, there must be a loan closing. There is a (30) calendar day wait for flood policies to be in effect for

378cash transactions. Therefore, cash buyers are advised to make application and make advance payment for a flood policy at least thirty

379(30) calendar days in advance of closing if they want coverage to be in effect upon transfer of title.

380

Buyer's mortgage lender may require Buyer

to purchase flood insurance in connection with Buyer's purchase of this Property. The

381

382

National Flood Insurance Program (“NFIP”) provides for the availability of flood insurance but also establishes flood insurance policy

383

premiums based on the risk of flooding in

the area where properties

are located. Due to

amendments to federal law governing

the

384

NFIP, those premiums are increasing and, in

some cases, will rise by

a substantial amount

over the premiums previously charged

for

385flood insurance for the Property. As a result, Buyer should not rely on the premiums paid for flood insurance on this Property previously

386as an indication of the premiums that will apply after Buyer completes the purchase. In considering Buyer's purchase of this Property,

387Buyer is therefore urged to consult with one or more carriers of flood insurance for a better understanding of flood insurance coverage,

388the premiums that are likely to be required to purchase such insurance and any available information about how those premiums may

389increase in the future.

390

391(G) Qualifications of Inspectors.

392Where the term “qualified inspectors” is used in this Contract, it is intended to refer to persons or businesses that are licensed or certified

393by the State of New Jersey for such purpose.

394

39517. MEGAN'S LAW STATEMENT:

396Under New Jersey law, the county prosecutor determines whether and how to provide notice of the presence of convicted sex offenders

397in an area. In their professional capacity, real estate licensees are not entitled to notification by the county prosecutor under Megan's Law

398and are unable to obtain such information for you. Upon closing, the county prosecutor may be contacted for such further information

399as may be disclosable to you.

400

40118. MEGAN'S LAW REGISTRY:

402Buyer is notified that New Jersey law establishes an Internet Registry of Sex Offenders that may be accessed at www.njsp.org. Neither

403Seller or any real estate broker or salesperson make any representation as to the accuracy of the registry.

404

40519. NOTIFICATION REGARDING OFF-SITE CONDITIONS: (Applicable to all resale transactions.)

406Pursuant to the New Residential Construction Off­Site Conditions Disclosure Act, N.J.S.A. 46:3C­1, et. seq, the clerks of municipalities

407

in New Jersey maintains lists of

off­site conditions which may affect the value

of residential properties in the vicinity of the off­site

408

condition. Buyers may examine

the lists and are encouraged to independently

investigate the area surrounding this property in order

409to become familiar with any off­site conditions which may affect the value of the property. In cases where a property is located near the

410border of a municipality, buyers may wish to also examine the list maintained by the neighboring municipality.

411

41220 AIR SAFETY AND ZONING NOTICE:

413Any person who sells or transfers a property that is in an airport safety zone as set forth in the New Jersey Air Safety and Zoning Act of

4141983, N.J.S.A. 6:1­80, et seq., and appearing on a municipal map used for tax purposes as well as Seller's agent, shall provide notice to

415a prospective buyer that the property is located in an airport safety zone prior to the signing of the contract of sale. The Air Safety and

416

Zoning Act also requires that each municipality in an airport safety zone

enact an ordinance

or ordinances incorporating the standards

417

promulgated under the Act and providing

for their enforcement within

the delineated areas

in the municipality. Buyer acknowledges

 

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Seller's

 

 

 

Initials:

 

 

Initials:

 

418 receipt of the following list of airports and the municipalities that may be affected by them and that Buyer has the responsibility to

419contact the municipal clerk of any affected municipality concerning any ordinance that may affect the Property.

421

Municipality

Airport(s)

Municipality

Airport(s)

422

Alexandria Tp.

Alexandria & Sky Manor

Manalapan Tp. (Monmouth Cty.)

Old Bridge

423

Andover Tp.

Aeroflex­Andover & Newton

Mansfield Tp.

Hackettstown

424

Bedminister Tp.

Somerset

Manville Bor.

Central Jersey Regional

425

Berkeley Tp.

Ocean County

Medford Tp.

Flying W

426

Berlin Bor.

Camden County

Middle Tp.

Cape May County

427

Blairstown Tp.

Blairstown

Millville

Millville Municipal

428

Branchburg Tp.

Somerset

Monroe Tp. (Gloucester Cty.)

Cross Keys & Southern Cross

429

Buena Bor. (Atlantic Cty.)

Vineland­Downtown

Monroe Tp. (Middlesex Cty.)

Old Bridge

430

Dennis Tp.

Woodbine Municipal

Montgomery Tp.

Princeton

431

Eagleswood Tp.

Eagles Nest

Ocean City

Ocean City

432

Ewing Tp.

Trenton­Mercer County

Old Bridge Tp.

Old Bridge

433

E. Hanover Tp.

Morristown Municipal

Oldsman Tp.

Oldmans

434

Florham Park Bor.

Morristown Municipal

Pemberton Tp.

Pemberton

435

Franklin Tp. (Gloucester Cty.)

Southern Cross & Vineland Downtown

Pequannock Tp.

Lincoln Park

436

Franklin Tp. (Hunterdon Cty.)

Sky Manor

Readington Tp.

Solberg­Hunterdon

437

Franklin Tp. (Somerset Cty.)

Central Jersey Regional

Rocky Hill Boro.

Princeton

438

Green Tp.

Trinca

Southampton Tp.

Red Lion

439

Hammonton Bor.

Hammonton Municipal

Springfield Tp.

Red Wing

440

Hanover Tp.

Morristown Municipal

Upper Deerfield Tp.

Bucks

441

Hillsborough Tp.

Central Jersey Regional

Vineland City

Kroelinger & Vineland Downtown

442

Hopewell Tp. (Mercer Cty.)

Trenton­Mercer County

Wall Tp.

Monmouth Executive

443

Howell Tp.

Monmouth Executive

Wantage Tp.

Sussex

444

Lacey Tp.

Ocean County

Robbinsville

Trenton­Robbinsville

445

Lakewood Tp.

Lakewood

West Milford Tp.

Greenwood Lake

446

Lincoln Park Bor.

Lincoln Park

Winslow Tp.

Camden County

447

Lower Tp.

Cape May County

Woodbine Bor.

Woodbine Municipal

448

Lumberton Tp.

Flying W & South Jersey Regional

 

 

449

450The following airports are not subject to the Airport Safety and Zoning Act because they are subject to federal regulation or within the

451jurisdiction of the Port of Authority of New York and New Jersey and therefore are not regulated by New Jersey: Essex County Airport,

452Linden Airport, Newark Liberty Airport, Teterboro Airport, Little Ferry Seaplane Base, Atlantic City International Airport, and

453Maguire Airforce Base and NAEC Lakehurst.

454

45521. BULK SALES:

456 The New Jersey Bulk Sales Law, N.J.S.A. 54:50­38, (the “Law”) applies to the sale of certain residential property. Under the Law,

457Buyer may be liable for taxes owed by Seller if the Law applies and Buyer does not deliver to the Director of the New Jersey Division

458 of Taxation (the “Division”) a copy of this Contract and a notice on a form required by the Division (the “Tax Form”) at least ten

459(10) business days prior to the Closing. If Buyer decides to deliver the Tax Form to the Division, Seller shall cooperate with Buyer by

460 promptly providing Buyer with any information that Buyer needs to complete and deliver the Tax Form in a timely manner. Buyer

461promptly shall deliver to Seller a copy of any notice that Buyer receives from the Division in response to the Tax Form.

462

The Law

does not

apply

to

the sale of a simple dwelling

house, or the sale or lease of a seasonal rental property, if Seller is

an

463

464

individual,

estate or

trust.

A

simple dwelling house is a one

or two family residential building, or a cooperative or condominium

unit

465used as a residential dwelling, none of which has any commercial property. A seasonal rental property is a time share, or a dwelling unit

466 that is rented for residential purposes for a term of not more than 125 consecutive days, by an owner that has a permanent residence

467elsewhere.

469 If, prior to the Closing, the Division notifies Buyer to withhold an amount (the “Tax Amount”) from the purchase price proceeds for

470possible unpaid tax liabilities of Seller, Buyer's attorney or Buyer's title insurance company (the “Escrow Agent”) shall withhold the Tax

471 Amount from the closing proceeds and place that amount in escrow (the “Tax Escrow”). If the Tax Amount exceeds the amount of

472available closing proceeds, Seller shall bring the deficiency to the Closing and the deficiency shall be added to the Tax Escrow. If the

473Division directs the Escrow Agent or Buyer to remit funds from the Tax Escrow to the Division or some other entity, the Escrow Agent

474or Buyer shall do so. The Escrow Agent or Buyer shall only release the Tax Escrow, or the remaining balance thereof, to Seller (or as

475otherwise directed by the Division) upon receipt of written notice from the Division that it can be released, and that no liability will be

476asserted under the Law against Buyer.

477

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47822. NOTICE TO BUYER CONCERNING INSURANCE:

479Buyer should obtain appropriate casualty and liability insurance for the Property. Buyer's mortgage lender will require that such insurance

480be in place at Closing. Occasionally, there are issues and delays in obtaining insurance. Be advised that a “binder” is only a temporary

481commitment to provide insurance coverage and is not an insurance policy. Buyer is therefore urged to contact a licensed insurance agent

482or broker to assist Buyer in satisfying Buyer's insurance requirements.

483

48423. MAINTENANCE AND CONDITION OF PROPERTY:

485Seller agrees to maintain the grounds, buildings and improvements, in good condition, subject to ordinary wear and tear. The premises

486shall be in “broom clean” condition and free of debris as of the Closing. Seller represents that all electrical, plumbing, heating and air

487conditioning systems (if applicable), together with all fixtures included within the terms of the Contract now work and shall be in proper

488working order at the Closing. Seller further states, that to the best of Seller's knowledge, there are currently no leaks or seepage in the

489roof, walls or basement. Seller does not guarantee the continuing condition of the premises as set forth in this Section after the Closing.

490

49124. RISK OF LOSS:

492 The risk of loss or damage to the Property by fire or otherwise, except ordinary wear and tear, is the responsibility of Seller until

493the Closing.

49525. INITIAL AND FINAL WALK-THROUGHS:

496

In addition

to

the inspections set forth elsewhere in this

Contract, Seller agrees to permit Buyer or Buyer's duly authorized

497

representative

to

conduct an initial and a final walk­through

inspection of the interior and exterior of the Property at any reasonable

498time before the Closing. Seller shall have all utilities in service for the inspections.

499

50026. ADJUSTMENTS AT CLOSING:

501Seller shall pay for the preparation of the Deed, realty transfer fee, lien discharge fees, if any, and one­half of the title company charges

502 for disbursements and attendance allowed by the Commissioner of Insurance; but all searches, title insurance premium and other

503conveyancing expenses are to be paid for by Buyer.

504

505Seller and Buyer shall make prorated adjustments at Closing for items which have been paid by Seller or are due from Seller, such as real

506estate taxes, water and sewer charges that could be claims against the Property, rental and security deposits, association and condominium

507dues, and fuel in Seller's tank. Adjustments of fuel shall be based upon physical inventory and pricing by Seller's supplier. Such determi­

508nation shall be conclusive.

509

510If Buyer is assuming Seller's mortgage loan, Buyer shall credit Seller for all monies, such as real estate taxes and insurance premiums paid

511in advance or on deposit with Seller's mortgage lender. Buyer shall receive a credit for monies, which Seller owes to Seller's Mortgage

512lender, such as current interest or a deficit in the mortgage escrow account.

513

514If the Property is used or enjoyed by not more than four families and the purchase price exceeds $1,000,000, then pursuant to N.J.S.A.

51546:15­7.2, Buyer will be solely responsible for payment of the fee due for the transfer of the Property, which is the so­called “Mansion

516“Tax, in the amount of one (1%) percent of the purchase price.

517

518 Unless an exemption applies, non­resident individuals, estates, or trusts that sell or transfer real property in New Jersey are required to

519make an estimated gross income tax payment to the State of New Jersey on the gain from a transfer/sale of real property (the so­called

520“Exit Tax,”) as a condition of the recording of the deed.

521

522 If Seller is a foreign person (an individual, corporation or entity that is a non­US resident) under the Foreign Investment in Real 523 Property Tax Act of 1980, as amended (“FIRPTA”), then with a few exceptions, a portion of the proceeds of sale may need to be

524withheld from Seller and paid to the Internal Revenue Service as an advance payment against Seller's tax liability.

525

526Seller agrees that, if applicable, Seller will (a) be solely responsible for payment of any state or federal income tax withholding amount(s)

527

required by

law to be

paid

by Seller (which Buyer may deduct from the purchase price

and pay at the Closing); and (b)

execute

528

and deliver

to Buyer at

the

Closing any and all forms, affidavits or certifications required

under state and federal law to be

filed in

529connection with the amount(s) withheld.

530

531There shall be no adjustment on any Homestead Rebate due or to become due.

532

53327. FAILURE OF BUYER OR SELLER TO CLOSE:

534

If

Seller fails to close title to the Property in accordance

with this Contract, Buyer then may commence

any legal or equitable action

535

to

which Buyer may be entitled. If Buyer fails to close

title in accordance with this Contract, Seller then may commence an action

536

for

damages it has suffered, and, in such case, the deposit

monies paid on account of the purchase price

shall be applied against such

537damages. If Buyer or Seller breach this Contract, the breaching party will nevertheless be liable to Brokers for the commissions in the

New Jersey Realtors® Form 118­Statewide 4/17 Page 10 of 13

Buyer's

 

Seller's

 

Initials:

 

Initials:

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You should note the appropriate information in the Buyer, Buyer, Seller, Seller, PARTIES, AND, PROPERTY, DESCRIPTION whose, address, is, are AGREES, TO, PURCHASE, FROM whose, address, is, are Buyer, Buyer, Seller, Seller, shown, on, the, municipal, tax, map, of County, and the, Property space.

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Within the segment discussing PURCHASE, PRICE Buyers, Initials and Sellers, Initials you need to write down some significant data.

real estate forms nj PURCHASEPRICE, BuyersInitials, and SellersInitials blanks to fill

Indicate the rights and responsibilities of the parties in the part if, this, Contract Other, Listing, Broker, on, or, before Participating, Broker FH, A Conventional, Other, year, payment, schedule Buyers, Attorney C, ESCROW, All, BEARING, TRUST, ACCOUNT, of and Principal, Amount, Term, of, Mortgage

Entering details in real estate forms nj stage 4

Finalize by checking the next fields and completing them as required: ITEMS, INCLUDED, IN, SALE SUFFICIENT, ASSETS date, at is, voided and and, Buyer, may, agree, the, Closing

ITEMSINCLUDEDINSALE, SUFFICIENTASSETS, dateat, isvoided, and andBuyermayagreetheClosing in real estate forms nj

Step 3: Click "Done". You can now export the PDF file.

Step 4: It is better to create copies of the file. There is no doubt that we won't distribute or view your details.

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