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S3537
SENATE, No. 3537
STATE OF NEW JERSEY
222nd LEGISLATURE
�
INTRODUCED FEBRUARY 19, 2026
Sponsored by:
Senator� LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
SYNOPSIS
���� Establishes certain requirements if purchasing and
reselling same single-family home within one year of receiving certificate of
occupancy.
CURRENT VERSION OF TEXT
���� As introduced.
��
An Act
concerning sales of certain single-family homes,
and supplementing P.L.1975, c.217 (C.52:27D-119 et seq.).�
����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:
���� 1.��� As used in P.L.��� ,
c.��� (C.������� ) (pending before the Legislature as this bill):
���� �Commissioner� means the
Commissioner of Community Affairs.
���� �Short-term reseller� means a
single-family homeowner, including any person, firm, corporation, bank as
defined pursuant to P.L.1975, c.265 (C.17:16E-1 et seq.), or other entity who
(1) purchased a single-family home; (2) renovated, enlarged, repaired, or in
any way altered the home; and (3) offered the home for resale within one year
of the receipt of the certificate of occupancy.
���� �Single-family home� means a
detached private residential structure serving as the primary residence for a
short-term reseller.
���� 2.��� a.� After the sale of a
single-family home by a short-term reseller to the buyer, the reseller shall
retain in escrow, for four months following the sale, the greater of five
percent of the sale price or $10,000.�
���� b.��� The funds held in escrow
shall be used to reimburse the buyer for damages arising from any renovation,
enlargement, repair, or other alteration to the plumbing, electrical, or
heating, ventilating, air conditioning, and refrigeration systems of the single-family
home by the reseller that was not performed in accordance with the requirements
of the State Uniform Construction Code as promulgated by the commissioner
pursuant to section 5 of P.L.1975, c.217 (C.52:27D-123).
���� 3.��� a.� A short-term
reseller shall complete a property condition disclosure statement, pursuant to
section 1 of P.L.1999, c.76 (C.56:8-19.1), to inform a potential buyer of the
condition of a single-family home prior to the sale of the home.
���� b.��� It shall be deemed an
unlawful practice pursuant to P.L.1960, c.139 (C.56:8-1 et seq.) for the
short-term reseller to include information on the statement required pursuant
to subsection a. of this section that is deceptive, fraudulent, or
misrepresentative of the conditions of the single-family home, or that
knowingly conceals, suppresses, or omits a material fact in regards to the
condition of the home.
���� 4.��� For purposes of P.L.���
, c.��� (C.������� ) (pending before the Legislature as this bill), any
short-term reseller who performs plumbing, electrical, or heating, ventilation
and air conditioning services on a single-family home, for which a permit is taken
under a certification in lieu of oath pursuant to the State Uniform
Construction Code requirements, promulgated by the commissioner pursuant to
section 5 of P.L.1975, c.217 (C.52:27D-123), shall
attest that the
short-term reseller occupied the single-family home as the short-term
reseller�s primary residence while the work was being performed.� In addition
to any other penalties provided by law, if it is determined that the
certification in lieu of oath was falsely attested to, the short-term reseller
shall be subject to the penalties provided by subsection e. of section 12 of
P.L.1978, c.73 (C.45:1-25).
���� 5.��� The department shall
develop and undertake a public education program designed to inform the
residents of this State of the provisions of this act.
���� 6.��� This act shall take
effect on the first day of the seventh month next following enactment and shall
apply to contracts of sale for a single-family home agreed to on or after the
effective date.
STATEMENT
����
This bill establishes requirements to be followed by
short-term resellers, as defined in the bill, to ensure necessary precautions
are taken if work is performed on houses intended to be resold within a year of
purchase.
����� After the sale of a single-family home by a
short-term reseller to the buyer, the reseller is to be required to retain the
greater of five percent of the sale price or $10,000 in escrow, for four months
following the sale, which would be used to reimburse the buyer for damages
arising from certain alterations not performed in accordance with the
requirements of the UCC.�
����� The bill requires a
short-term reseller to complete a property condition disclosure
statement to inform a potential buyer of the condition of a single-family home
prior to the sale of the home, and attest that the short-term reseller occupied
the single-family home as the short-term reseller�s primary residence while the
work was being performed.� This provision is to apply to any short-term
reseller who performs plumbing, electrical, heating, ventilation, and air
conditioning services on a single-family home, for which a permit is taken
under a certification in lieu of oath pursuant to the UCC.
���� In
addition to any other penalties provided by law, if it is determined that the
certification in lieu of oath was falsely attested to, the short-term reseller
would be subject to the penalties provided by subsection e. of section 12 of
P.L.1978, c.73 (C.45:1-25).� Additionally
, the bill requires the Department of Community Affairs to
develop and undertake a public education program designed to inform New Jersey
residents of the provisions of the bill.