WeVote
Log In

Bill

Bill

A 3121

Requires notification of rent leveling controls at time of closing of real estate transaction.

2026-2027 Regular Session Introduced by Lisa Swain and 1 co-sponsor

Disclosures must inform buyers at closing about local rent control or rent leveling rules that may affect renting the purchased property.

Introduced, Referred to Assembly Consumer Affairs Committee
0
WeVote Research Nonpartisan
Bill Summary · A 3121

Summary of Bill A 3121 (Session 222, New Jersey)

Purpose and intent

  • The bill requires disclosure to buyers about rent control or rent leveling ordinances that may affect a property if the buyer plans to rent it out.
  • Its goal is to ensure buyers are informed at the time of closing about local rent-regulation rules that could impact the property's rental use.

Key provisions and changes

  • Who must provide the notice: In a real estate transaction involving the purchase of residential property, the seller or the seller’s representative (real estate broker, broker-salesperson or salesperson), or the seller’s attorney.
  • What must be disclosed: A notice of any rent control or rent leveling ordinance in the municipality where the property is located that may affect the property if the buyer intends to rent it out.
  • Content of the notice: The notice must read: > “Buyers are advised to consult local municipal ordinances and regulations regarding rent control or rent leveling that may affect the property.”
  • Format and acknowledgment: The notice must be memorialized in hard copy sent by return receipt or electronically, with acknowledgment of receipt by the buyer.
  • Regulatory role: The New Jersey Real Estate Commission will determine the form and manner in which the notice appears on the property condition disclosure statement.
  • Effective date: The act takes effect immediately upon enactment.

Who is affected

  • Primary affected parties are buyers of residential real estate in New Jersey.
  • Sellers, listing brokers, seller’s brokers/salespersons, and the seller’s attorney must include the rent-control notice in the property condition disclosure statement.
  • The New Jersey Real Estate Commission is responsible for standardizing the notice form and presentation.

Procedural and timeline aspects

  • Timing: Notice is to be provided as part of the information in the property condition disclosure statement at the time of closing.
  • Delivery method: Must be delivered in hard copy with return receipt or via electronic means, with the buyer acknowledging receipt.
  • Administration: The form and manner of the notice are to be determined by the New Jersey Real Estate Commission.

Practical impact

  • Helps ensure buyers are aware of rent-control or rent-leveling restrictions that could affect their ability to rent out the property in the future.
  • Creates a standardized disclosure requirement that may reduce uncertainty about regulatory constraints on rental use.
  • Could influence buyer decisions or negotiations if rent-control provisions are anticipated to impact property value or rental income.

Additional notes

  • Co-sponsors: Lisa Swain and Chris Tully.
  • Introduced January 13, 2026; referred to the Assembly Consumer Affairs Committee.
  • Language indicates immediate effectiveness upon enactment.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.