Update on New Flood Disclosure Law

[@joerullo4841]

I don't think it was a good idea to attach a mandatory form, to a NON mandatory Sellers Disclosure.

[@LenAntonelli]

Right?

[@blackblood2610]

I purchased a home 2 weeks before this mandate. The seller did not do any seller disclosure. This home has had sub-slab flooding since 1982 and it is now deemed uninhabitable due to my chronic illness and needs invasive mold remediation calculated over 100,000 dollars to make the house livable, a week after closing. My child and I are displaced, it's the biggest nightmare ever, My 1st home. Would this apply to me? even is we were 2 weeks earlier?

[@SHyoutube.]

Thank you! Can you explain t the new law for the condo/co-op regarding reserve fund?

[@NJRealtors]

Our pleasure! Please visit our Legal Resource Library and submit any specific questions about the new law for condo/co-op reserve fund and it will be sent out for legal advice: legal.njrealtor.com/

[@KarenSanchez-jw2hc]

Does this law apply to sellers who have never lived in the property?

[@NJRealtors]

To assist sellers with making the required disclosures, the Department of Environmental Protection created a Flood Risk Notification Tool which may be accessed here: www.njrealtor.com/government-affairs/state-issues/flood-disclosures/
Given the information available by accessing this tool, sellers are required to disclose information which is “beyond actual knowledge” in addition to actual knowledge, if any. Even sellers that may not have any personal/actual knowledge about the property (ex. estate administrators) are required to utilize the Flood Risk Notification Tool to search the property address and disclose whether the property is in a FEMA Special or Moderate Risk Flood Hazard Area on the Seller’s Property Condition Disclosure Statement.

[@josegignoux2796]

Since when there is this mandatory disclosure ,,

[@NJRealtors]

Hi Jose, this law went into effect on March 20. Visit our resource page to learn more about the requirements: www.njrealtor.com/government-affairs/state-issues/flood-disclosures/

[@deborahgiorgianni4661]

This should have been a separate form. There is a separate form for rentals why not sales? Sorry NJR but this is not right to add to an optional sellers disclosure