Alert On July 10, 2024, Governor Murphy signed into law the Real Estate Consumer Protection Enhancement Act,
P.L. 2024, c.32, which, among other things, requires sellers of residential property located in New Jersey to use the "Seller's Property Condition Disclosure Statement" ("Disclosure Statement," questions 1 through 108). Additionally, on July 3, 2023, Governor Murphy signed into law P.L. 2023, c.93, which, among other things, requires sellers of
all real property located in New Jersey to make certain additional disclosures concerning flood risks on the "Disclosure Statement." On July 15, 2024, the Division published a "Flood Risk Addendum" to the Disclosure Statement (questions 109 through 117), which includes the additional disclosures concerning flood risks. As a result of these two laws, effective
August 1, 2024: - Sellers of
residential property must complete the Disclosure Statement (questions 1 through 108). A copy of the Disclosure Statement is available
here; and
- All sellers of real property, both residential and non-residential, must complete the Flood Risk Addendum to the Disclosure Statement (questions 109 through 117). A copy of the Flood Risk Addendum is available
here.
The Division has created an
instruction sheet with additional information regarding the use of these forms. The forms linked above supersede any forms previously posted by the Division, including, but not limited to, the "Amended Disclosure Statement" posted on December 21, 2023.
|
