Bill Text: NJ A4133 | 2024-2025 | Regular Session | Introduced
Bill Title: Prohibits seller of residential real estate from requiring potential buyers to disclose down payment when presenting offer to seller.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-04-04 - Introduced, Referred to Assembly Regulated Professions Committee [A4133 Detail]
Download: New_Jersey-2024-A4133-Introduced.html
Sponsored by:
Assemblywoman TENNILLE R. MCCOY
District 14 (Mercer and Middlesex)
SYNOPSIS
Prohibits seller of residential real estate from requiring potential buyers to disclose down payment when presenting offer to seller.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the sale of residential real estate and supplementing Title 46 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. A seller of residential real estate shall be prohibited from requiring a potential buyer, when presenting an offer to purchase the residential real estate from the seller, to disclose the amount that the buyer will provide as a down payment for the residential real estate.
b. As used in this section:
"Down payment" means a sum that a buyer pays upfront when purchasing residential real estate and is a percentage of the total purchase price of real estate.
"Residential real estate" means a property or structure or both which serves as a dwelling. "Residential real estate" shall not include a dwelling with more than four residential units.
2. A seller who violates the provisions of this act shall be liable to a civil penalty of no more than $1,000, to be collected in a civil action by a summary proceeding under the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.). The Superior Court and the municipal court shall have jurisdiction to enforce the provisions of the "Penalty Enforcement Law of 1999" pursuant to this section.
3. This act shall take effect on the 90th day next following enactment.
STATEMENT
This bill prohibits a seller of residential real estate from requiring potential buyers to disclose the amount that the buyer will provide as a down payment for the residential real estate. A seller who violates the provisions of this act will be liable to a civil penalty of no more than $1,000. For the purpose of this bill, "residential real estate" means a property or structure or both which serves as a dwelling. "Residential real estate" does not include a dwelling with more than four residential units.
