Photo: Rico Löb/stock.adobe.com

In the wake of several incidents of unprecedented rainfall and disastrous flooding, both New York and New Jersey have adopted laws requiring the sellers of residential properties to tell buyers, and landlords to tell tenants, about known flood risks. The New Jersey law also requires disclosures in commercial transactions.

A New York enactment also eliminates the commonly-used ability of sellers to avoid making property disclosures (not only about flood risk) by taking $500 off the purchase price.

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