Bill > S2850

This bill establishes certain requirements for individuals who purchase and resell the same single-family home within one year of receiving the certificate of occupancy. The key provisions include: 1. Defining a "short-term reseller" as a single-family homeowner who purchased, renovated, and offered the home for resale within one year of receiving the certificate of occupancy. 2. Requiring the short-term reseller to hold in escrow the greater of 5% of the sale price or $10,000 for four months following the sale, to be used to reimburse the buyer for any damages arising from renovations, enlargements, repairs, or other alterations that did not comply with the State Uniform Construction Code. 3. Requiring the short-term reseller to complete a property condition disclosure statement to inform the potential buyer of the home's condition, and deeming it an unlawful practice to include deceptive, fraudulent, or misrepresentative information on this statement. 4. Requiring the short-term reseller to attest that they occupied the home as their primary residence while performing any plumbing, electrical, or HVAC work under a certification in lieu of oath, and subjecting them to penalties for false attestation.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S2850