Establishes certain requirements if purchasing and reselling same single-family home within one year of receiving certificate of occupancy.

This New Jersey bill (S 1038) targets short-term home flippers who buy a single-family home, renovate it, and resell it within one year of receiving a certificate of occupancy. It requires these "short-term resellers" to hold 5% of the sale price (or $10,000, whichever is greater) in escrow for four months after sale. This money must cover repairs if renovations violated state building codes, and resellers must provide a truthful property condition disclosure statement to buyers before closing. The bill also mandates that resellers attest they lived in the home during renovations to prevent fraud.