N.J. Admin. Code § 5:19-8.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:19-8.4 - Reservation form

(a) Every provider accepting any nonbinding reservation agreement shall be given 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 provider;

3. The name and address of the prospective purchaser;

4. A description of the particular living unit 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 provider 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 living unit 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 the provider or the provider's agent;

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

N.J. Admin. Code § 5:19-8.4