New Jersey § 45:15-16

§ 45:15-16.

a. A public offering statement shall disclose fully and accurately the physical characteristics

of the subdivided lands offered and shall make known to prospective purchasers all

unusual and material circumstances or features affecting those lands. The proposed public offering statement submitted to the commission shall be in a

form prescribed by the rules and regulations promulgated pursuant to this act and

shall include the following: (1) The name and principal address of the developer and his authorized New Jersey

representative who shall be a licensed real estate broker licensed to maintain offices

within this State; (2) A general description of the subdivision or subdivided lands stating the total

number of lots, parcels, units or interests in the offering; (3) A summary of the terms and conditions of any management contract, lease of recreational

areas, or similar contract or agreement affecting the use, maintenance, or access

of all or any part of the subdivision or subdivided lands, the effect of each agreement

upon a purchaser, and a statement of the relationship, if any, between the developer

or subdivider and the managing agent or firm; (4) The significant terms of any encumbrances, easements, liens and restrictions,

including zoning and other regulations affecting the lands and each unit or lot, and

a statement of all existing taxes and existing or proposed special taxes or assessments

which affect the lands; (5) A statement of the use for which the property is offered, including, but not limited

to: (a) Information concerning improvements, including hospitals, health and recreational

facilities of any kind, streets, water supply, levees, drainage control systems, irrigation

systems, sewage disposal facilities and customary utilities; and (b) The estimated cost, date of completion and responsibility for construction and

maintenance of existing and proposed improvements which are referred to in connection

with the offering or disposition of any interest in the subdivision or subdivided

lands; (6) The notice, as required in subsection d. of this section, shall, in addition to

being contained in all contracts or agreements, be conspicuously located and simply

stated in the public offering statement; and (7) Additional information required by the commission to assure full and fair disclosure

to prospective purchasers. b. The public offering statement shall not be used for any promotional purposes before

registration of the subdivided lands and afterwards only if it is used in its entirety. No person may advertise or represent that the commission approves or recommends

the subdivided lands or the disposition thereof. No portion of the public offering statement may be underscored, italicized, or printed

in larger or heavier or different color type than the remainder of the statement unless

the commission requires or permits it. c. The commission may require the subdivider to alter or amend the proposed public

offering statement in order to assure full and fair disclosure to prospective purchasers,

and no change in the substance of the promotional plan or plan of disposition or development

of the subdivision may be made after registration without notifying the commission

and without making an appropriate amendment to the public offering statement. A public offering statement is not current unless all amendments or consolidations

are incorporated. d. Any contract or agreement for the purchase or the leasing of a lot may be rescinded

by the purchaser or lessee without cause of any kind by sending or delivering written

notice of cancellation by midnight of the seventh calendar day following the day on

which the purchaser has executed the contract or agreement. Every contract or agreement shall be in writing and shall contain the following

notice in 10-point bold type or larger, directly above the space provided for the

signature of the purchaser or lessee: NOTICE to PURCHASER or LESSEE: You are entitled to the right to cancel this contract

by midnight of the seventh calendar day following the day on which you have executed

this contract or agreement. e. The subdivider shall make copies of the public offering statement available to

prospective purchasers prior to their signing any contract or agreement.