Sellers relying on the doctrine of “caveat emptor” could easily find themselves in for a rude awakening. Beginning in the mid-twentieth century and continuing through the present day, New Jersey courts have steadily moved away from caveat emptor and toward mandatory disclosure of latent items (i.e., items which are not readily observable by purchasers conducting inspections), with buyers permitted to raise post-closing claims based on the nondisclosure. In two recent decisions, New Jersey courts have held that sellers have a duty to disclose “latent” defects to a buyer regardless of any “as is” language in the sale agreement.
Dalmazio v. Rosa, 2015 N.J. Super. Unpub. LEXIS 326 (App. Div. Feb. 20, 2015).
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