N.J. Admin. Code § 5:26-10.5

Current through Register Vol. 56, No. 19, October 7, 2024

Section 5:26-10.5 - Reservation form

(a) Every developer accepting any nonbinding reservation agreement shall give a reservation form to all prospective purchasers, which shall contain the following items:

1. The name and location of the project;

2. The name and address of the developer;

3. The name and address of the prospective purchaser;

4. A description of the particular lot, parcel, unit or interest reserved;

5. The purchase price and terms;

6. A notice in 10-point bold face type that the nonbinding reservation agreement does not obligate the purchaser in any way, that there is or is not, as the case may be, a guarantee by the developer that the purchase price and terms will not be changed for such period of time as may be specified in the agreement, that there is or is not, as the case may be, a guarantee that the unit, lot, parcel or interest described in the agreement will be built or otherwise made available for purchase by the prospective purchaser, and that he or she may receive a refund of the deposit, upon request, at any time prior to the execution of a contract or agreement of sale;

7. All nonbinding reservation agreements shall be signed by the party reserving the unit and by the developer or the agent of the developer.

8. A statement of the period of time for which the nonbinding reservation agreement is effective.

N.J. Admin. Code § 5:26-10.5

As amended, R.1981 d.365, eff. 10/8/1981.
See: 13 New Jersey Register 474(a), 13 New Jersey Register 704(b).
(a)6: "that there is" ... "by the prospective purchaser" added.
Amended by R.1996, d.94, effective 2/20/1996.
See: 27 New Jersey Register 4478(a), 28 New Jersey Register 1226(a).