A new statute imposes sweeping new notice requirements affecting properties that are subject to flooding. All owners of land in New Jersey, including commercial and industrial property owners, who lease their sites or are considering a transfer of improved or unimproved land should consider whether the new notice requirements apply. A copy of the adopted statute can be found here.
Continue Reading Landlords and Sellers of Property Beware: New Law Requires Disclosure of Flood Risks for Commercial, Industrial and Multi-Family Sites
Bill on Governor Murphy’s Desk Would Impose New Flood Disclosure Notice Requirement on All Commercial & Residential Leases and Sales of Property
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.)Continue Reading Bill on Governor Murphy’s Desk Would Impose New Flood Disclosure Notice Requirement on All Commercial & Residential Leases and Sales of Property