Seller`s Ownership Disclosure Statement (§ 46:3C-10) – This form is required because of the Seller`s “responsibility to disclose conditions that may significantly affect the value of the residential property”. The New Jersey Residential Real Estate Purchase and Sale Agreement is a document completed by a person who wishes to make an offer to purchase real estate. On the form, the buyer indicates the dollar amount he offers for the property, as well as any deposit he is willing to make. In addition, the person must indicate how they will pay if their offer is accepted. Once the seller has received the contract form, they can choose to accept, negotiate, or reject the buyer`s offer. If the seller accepts the contract, both parties must sign the document as stated so that the sale can be concluded. While New Jersey law does not require home sellers to share information about the property with potential buyers, the state court enforces the common law requirement that buyers be informed of known defects in the property. Therefore, it is in the best interest of the Seller to disclose to the Buyer any material defects in order to avoid any adverse legal action. (Fordham Environmental Law Review) Disclosure of lead-containing paints – If a house was built before 1978, the buyer must provide the buyer with a disclosure indicating the possible use of lead-containing paint in the residence. .