Recently passed legislation on Governor Murphy’s desk for enactment would require all new leases and lease renewals in New Jersey – both commercial and residential – to include specific disclosures regarding potential and past flooding. Similar disclosures would also be required to be added to the “Property Condition Disclosure Statement” for the sale of “any real property located in the State.” (A separate post on this law blog will summarize the bill’s impact on sale contracts.)
Recently passed legislation on Governor Murphy’s desk for enactment would require all new leases and lease renewals in New Jersey – both commercial and residential – to include specific disclosures regarding potential and past flooding. Similar disclosures would also be required to be added to the “Property Condition Disclosure Statement” for the sale of “any real property located in the State.” (A separate post on this law blog will summarize the bill’s impact on sale contracts.)