New Jersey has a new Law that protects Home Buyers and Renters

New Jersey finally has a new law that requires landlords and property sellers to disclose information about the flood history and flood risks of all forms of housing in this state.

This week, Governor Phil Murphy signed into law New Jersey S3110/A4783 legislation that lays the burden for the disclosure of flood history and flood risks on landlords who are renting housing, sellers of home properties, along those who may be leasing or selling establishments for business purposes. This new law also requires all landlords to notify their tenants there is insurance available for renters through the National Flood Insurance Program.

Even though this legislation has taken almost seven months to become law and even survived a Conditional Veto, this bill received unanimous support in the State Assembly and Senate before landing back on the Governor's desk.  After New Jersey Governor Phil Murphy signed this legislation into law, he released the following statement:

"Today I’m proud to sign into law legislation that will significantly improve transparency for New Jersey consumers while protecting the interests of our hardworking homeowners and renters - For far too long, countless New Jerseyans have lacked the critical information they not only need, but deserve, to make smart, forward-looking decisions for their properties and families. In the aftermath of Tropical Storm Ida – and as flooding events continue to increase in frequency and severity – these requirements will help better prepare New Jersey homeowners and renters for extreme storms.”

Despite the reality that overall New Jersey's Housing Market has been strong this calendar year, there are still concerns in areas like South Jersey that properties that have suffered flood damages over the last decade have not been properly addressed by some property owners. After Hurricane Sandy in 2012, there were numerous scams local residents and property owners had to navigate as they tried to rebuild their lives after that natural disaster.

Anyone who has lived on the Jersey Shore coastal communities (I personally lived in Sea Isle City and Ocean City for a combined 22 years) knows how there can be flooding and damage even if there is no Hurricane or Tropical Storm.  The infrastructure of many of the island towns in South Jersey has a complicated history, so some sections of different towns are more susceptible to flooding and people have to be prepared for that. This law is a great way to protect homeowners and business owners alike, to ensure that they are protected from predatory realtors.