46:3B-4 - Liability of builder - New Jersey Statutes

46:3B-4.  Liability of builder
    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.