New Jersey Assembly Bill A4783

New Jersey 2022-2023 Regular Session

• Introduced: 10/17/22
• Refer: 10/17/22
• Refer: 12/8/22
• Report Pass: 12/8/22

Caption

Requires sellers of real property and landlords to make certain notifications regarding flooding.

Impact

The bill seeks to amend existing laws to improve transparency regarding flood risks, aiming to protect tenants and property buyers from financial losses associated with hidden or unknown flooding issues. It further seeks to guide landlords in appropriately disclosing flood information through model notices developed in consultation with state environmental agencies. By doing so, the legislation aims to reduce disputes arising from lack of disclosure and enhance tenant rights by allowing them legal recourse when landlords fail to comply with disclosure requirements.

Summary

Assembly Bill 4783 focuses on enhancing flood risk communication by requiring landlords and sellers of real property to notify tenants and prospective buyers about potential flooding risks associated with the properties they occupy or intend to purchase. The bill mandates that landlords must inform tenants if their rental property is located in a FEMA-designated flood zone or has been affected by flooding prior to lease signing. Additionally, it requires real estate sellers to disclose similar information pertaining to flood risks on a property condition disclosure statement before a contract is enacted.

Sentiment

The general sentiment surrounding A4783 appears to be supportive, particularly among environmental advocates and tenant rights groups, who view the bill as an essential step towards safeguarding renters and homeowners from flood-related damages. However, there are concerns regarding the implementation of mandatory disclosures and the administrative burden it may place on landlords, particularly in how they are expected to comply with new regulations regarding flood information. Supporters argue that clear communication of flood risks is crucial for informed decision-making by tenants and buyers.

Contention

Notable points of contention include the potential increased liability for landlords and the definition of flood risks that would necessitate disclosure. Critics express concern that the requirements could lead to complications and legal disputes between landlords and tenants, especially if disclosure is perceived as inadequate or misleading. There is also an emphasis on the need for comprehensive regulatory guidance to ensure uniform compliance across different jurisdictions in New Jersey, to effectively manage rising concerns about flooding due to climate change.