New Flood Risk Notification
Starting on March 20, 2024, every seller of real property in the State of New Jersey must disclose specific flood risk information. Each seller must complete a new property disclosure statement before a purchaser becomes obligated under the terms of a contract. The disclosure must state whether the property is located in FEMA’s Special Flood Hazard Area or Moderate Flood Hazard Area and actual knowledge concerning the risks of flooding on the property.
The State of New Jersey has determined that the risk of flooding is growing and both coastal and inland areas are subject to flooding. There is also concern that places which have never flooded may experience significant flooding in the future. It is likely according to the NJ Division of Consumer Affairs that 40,000 properties are at risk for permanent coastal flooding. The Division is also concerned that precipitation has increased in New Jersey and inland properties will be at greater risk of flash flooding.
For this reason, the Seller’s Disclosure Form has added information about flooding in order to provide prospective home buyers and renters with critical information needed to make better informed decisions about purchasing a home. In addition to the new form, there is a user friendly internet look-up tool searchable by mailing address. This site will identify properties in flood hazard areas.