In New Jersey every realtor contract is subject to a 3-day attorney review period, during which either party can choose to withdraw from the contract without penalty.
Under State law, sellers are legally obligated to notify buyers of any known defects in the home that could affect the buyer's decision to complete the purchase. Failing to properly make disclosure could result in the seller being liable for any damages sustained by the buyer. The buyer also has an opportunity to have a home inspection done. If a major defect is found during the inspection, the seller will have the option to either fix the defect prior to closing or provide the buyer with a rebate of an amount sufficient to fix the issue.