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03.22.2024New Jersey’s New Flood Risk Information Law Goes Into EffectBeginning on March 20, 2024, the new NJ law requires sellers of real property and landlords to make disclosures regarding known and potential flood risks in purchase and sale agreements and new leases and renewals.
Previously, sellers and landlords had no specific statutory obligation to disclose a property’s flood history to buyers and tenants or advise them if the property was located in a Federal Emergency Management Agency (FEMA) Flood Hazard Zone Area. This new requirement imposes one of the strictest requirements of potential flood risk disclosure on sellers and landlord in the nation.
03.12.2024Activity in the Legislature Addressing Inactive Licenses and Other ReformOn January 16, 2024, Governor Murphy signed S4265/A5912 into law, reforming New Jersey’s long-standing liquor license practices. The law was enacted to provide open opportunities for new development in communities, in the hope that craft alcohol manufacturers will revitalize business districts across the state. The law aims to harmonize growth with the substantial investments of existing liquor licenses holders. Reforms include making use of inactive licenses, easing restrictions on breweries and distilleries, and creating new types of licenses.
12.13.2023Important Reporting Update for all LLC Owners – Corporate Transparency Act Goes into Effect January 1, 2024One of the main reasons that clients choose to form a limited liability company (LLC) is to protect themselves and their assets from the debts and liabilities that come with owning a business. Forming an LLC means that only the LLC can be held accountable for the debts and liabilities incurred by the business, thereby shielding the owners and managers from personal liability.
03.10.2022City of Newark Poised to Pass Amended Inclusionary Zoning OrdinanceOn March 8, 2022, Mayor Ras J. Baraka introduced amendments to the City of Newark’s Inclusionary Zoning Ordinance (“IZO”) that may have far reaching impact on residential development in the City. The proposed amendments passed through the City Council on first reading, and are now referred to the Planning Board for review. Following Planning Board review, the amendments are expected to be adopted by the Council in the coming months.
12.24.2020New Jersey Economic Recovery Act of 2020On December 21, 2020, the New Jersey Legislature passed the “New Jersey Economic Recovery Act of 2020” (the “Economic Recovery Act”), an omnibus piece of legislation which provides support for various programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, among others. The bill now heads to Governor Murphy, who is expected to sign it into law.
07.08.2020New Permit Extension Act Enacted in Response to COVID-19As the COVID-19 pandemic continues to significantly affect all aspects of the real estate industry, the legislature of the State of New Jersey has passed amendments to the Municipal Land Use Law (the “MLUL”), codified at N.J.S.A. 40D:55-1, et. seq. The amendments contained in Assembly Bill A-3919 (the “Law”) will have a significant effect on pending real estate projects, both those that have received land use approvals and those with pending applications before municipal land use boards.
05.13.2020How to Protect Your Business from a Spite StoreWhile the concept of a spite store may be far-fetched, it is of crucial importance for businesses of all types to ensure that competitors don’t open up for business right next door.
04.21.2020New Law Allows Remote Notarization During COVID-19 PandemicOn April 15, 2020, New Jersey Governor Phil Murphy signed bill A-3903 into law. The new law allows for New Jersey notaries (or an officer authorized to take oaths, affirmations, and affidavits, or to take acknowledgements) to notarize documents virtually using audio-video technology, during the time of this public health emergency (as declared by the Governor in Executive Order 103 of 2020).
04.06.2020COVID-19: Land Use Board Virtual Meeting Guidelines Issued The New Jersey Division of Local Government Services (the “Division”) provided operational guidance this week, encouraging municipal Planning Boards and Zoning Boards of Adjustment to engage in telephonic and/or virtual public meetings in light of Governor Murphy’s Executive Orders 103 and 107 as well as additional social distancing guidelines established to help combat the COVID-19 outbreak.
03.26.2020COVID-19: No Evictions During EmergencyIn light of the impacts from COVID-19 and the uncertainty related to its effect on business, we have seen the region quickly adjust to a new business reality. Both private industry and government have signaled they will work quickly to mitigate against the impact of slowdown in the wake of these changes. State, county and municipal governments have taken a number of measures to protect their residents.
03.03.2020Developers May be Required to Pay for Off-Tract Mass Transit UpgradesThroughout the country various methods have been employed in hopes of generating the necessary capital to upgrade transit infrastructure. New Jersey is no stranger to this problem and Senators Joseph P. Cryan and Loretta Weinberg are sponsoring S-368, a bill that they believe provides the solution.
09.12.2019Changes Coming to New Jersey Long-Term Tax Exemption StatuteSeveral bills affecting the long-term tax exemption statute are slowly making their way through the New Jersey Legislature. While each bill addresses different provisions of the statute, the common theme among them is one of restrictiveness.
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