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Time of Sale Requirements
Many proposed time-of-sale requirements, while well-intentioned, will add time to a transaction and make it far more expensive to buy or sell a home in New Jersey.
Fire Extinguishers In prior legislative sessions, legislation has been considered that would amend state law and remove the time-ofsale fire extinguisher mandate. This legislation was passed in the State Legislature but conditionally vetoed by former Gov. Christie.
New Jersey Realtors® believes the presence of a fire extinguisher should not be tied to time-of-sale and believes legislation should be reintroduced and approved repealing this requirement.
Mold Currently no standards exist to determine acceptable or safe levels of mold due to the difficulty in ascertaining whether a mold species is harmful.
New Jersey Realtors® believes the State Legislature should consider a bill, which has been introduced, that would create mold procedures and inspection criteria since it is nearly impossible to determine which species of mold are hazardous and what levels are considered dangerous.
*Lead Paint Numerous proposals have been put forward in the State Legislature that would create time-of-sale requirements focused on remediation of lead paint, lead in the water supply, and lead in soil. Lead paint remediation can cost, on average, $15 per square foot of a pre1978 home, which potentially adds tens of thousands of dollars to the home’s cost while also making it more difficult to sell.
TIME OF SALE REQUIREMENTS
New Jersey Realtors® has advocated for additional funding to address this issue on a larger scale while also avoiding stigmatizing properties. Existing revenues from the realty transfer fee should be used to create a program to provide funding for lead testing and remediation.
Funding allocated in the FY 2021 state budget should annually go towards the Lead Safe Home Renovation Pilot Program and Single-Family Home Lead Hazard Remediation Fund. Legislation should also be approved that adds a lead in the water supply question to the Consumer Information Disclosure Statement.
