NJ Realtors® Weekly–July 5
Top Story of the Week
Governor Murphy Signs Flood Disclosure Legislation
The governor signed S-3110 this week, legislation requiring sellers of real property and landlords to make certain notifications concerning flooding.
Under the new law, sellers of real property and landlords must disclose their knowledge of a property’s history of flooding, flood risk, and location in a flood zone. Landlords must also notify their tenants about the availability of insurance through the National Flood Insurance Program. The new law also requires the Department of Community Affairs to create a model notice to notify prospective buyers or renters of flood risks. Read more.
Being a Member Has its Perks
Kick it with the YPN this September
Join NJ Realtors® Young Professionals Network on Sept. 14 for their first-ever kickball tournament at Cheesequake State Park. All members are welcome to attend—sign up as an individual or build a team and join in on the fun. Tickets are $20, includes lunch, and proceeds will benefit the Realtors® Relief Foundation. Register here.
Governor Signs First-Time Homebuyer Legislation
Gov. Murphy signed S-3780 into law, legislation that provides down payment assistance for certain first-time homebuyers and creates the Resilient Home Construction Program.
The new law provides $15,000 in no-interest forgivable loans as down payment assistance for first-time homebuyers while also creating a pilot program to provide funding to rehabilitate existing homes and construct new affordable homes for sale. First-generation homebuyers would also be eligible to receive up to $10,000 in additional loans. The new law took effect on June 30 after the governor signed it. Learn more.
State of the State
FY 2024 State Budget Signed into Law
Last week Gov. Murphy signed the Fiscal Year 2024 State Budget into law, it totals $54.3 billion, and it contains no new taxes or fees on the areas New Jersey Realtors® monitors every year, such as the realty transfer fee, a tax on commissions, or a seasonal rental tax.
The budget also provided funding for several key areas we monitor, including $3.68 million for the Real Estate Commission, nearly $14 million for lead paint remediation programs, and $40 million for New Jersey’s Down Payment Assistance Fund. The FY 2024 state budget took effect on July 1.
New Jersey Realtors® is updating its forms to reflect the language changes in the new law.
