New Jersey Statutes
§ 46:3B-4 — Liability of builder
New Jersey·Title 46 PROPERTY
A builder of a new home shall be liable to any owner thereof during the time period when the new home warranty, prescribed by the commissioner pursuant to this act, is applicable to the home for any defect therein which is covered by the warranty in accordance with its terms and conditions. The liability of a builder under the new home warranty shall be limited to the purchase price of the home in the first good faith sale thereof or the fair market value of the home on its completion date if there is no good faith sale. L.1977, c. 467, s. 4.
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Nearby Sections
15
§ 46:3B-1
Short title§ 46:3B-10
Rules and regulations§ 46:3B-13
Findings, determinations, declarations§ 46:3B-17
Legal action to pursue claims§ 46:3B-18
Submission of claims§ 46:3B-20
Claimant deemed to have elected remedy§ 46:3B-3
New home warranty; prescribing by rule or regulation; procedures for processing claims; time periods§ 46:3B-4
Liability of builder