NJ S3537

Requires short-term resellers who purchase, renovate, and resell single-family homes within one year of receiving a certificate of occupancy to retain the greater of 5% of the sale price or $10,000 in escrow for four months after the sale.

Escrow funds must be used to reimburse buyers for damages from plumbing, electrical, or HVAC work that was not performed in compliance with the State Uniform Construction Code.

Short-term resellers must complete a property condition disclosure statement prior to sale, and providing deceptive, fraudulent, or misleading information constitutes an unlawful practice under consumer fraud law.

Resellers who perform plumbing, electrical, or HVAC work using a homeowner permit must attest that they occupied the home as their primary residence while work was performed, with penalties for false attestation.

The Department of Community Affairs must develop a public education program to inform residents about these requirements, with the law taking effect seven months after enactment.