NJ now has a Flood Disclosure Law
Bill S3110/A4783 requires home sellers and landlords to disclose past flood damages to potential buyers and renters.
This new mandate makes New Jersey the thirtieth state to require such disclosures from landlords and property sellers, better informing renters and homebuyers of the flood risk they face. This information will be designed to assist renters and buyers decide if the risk is worth the cost, and if so, then consider purchasing the appropriate flood insurance to protect against costly out of pocket repairs.
Estimated costs for repair on homes and property has driven multiple reports and studies. The bill moved through each house of the legislature garnering unanimous approval before receiving modifications was signed into law by Governor Murphy. The legislation addresses the concerns by listing the information that property sellers must give potential buyers instead of containing a general mandate to disclose flood risk. Sellers would have to answer specific questions such as whether a property is in a federal flood zone, whether it has experienced flood damage and whether the owner has received any federal flood assistance.