This bill mandates that, during the closing of a real estate transaction involving the purchase of residential property in New Jersey, the seller or their representatives must inform the buyer about any applicable rent control or rent leveling ordinances in the municipality where the property is located. This notification is to be included in the property condition disclosure statement and must advise the buyer to consult local regulations that may impact their ability to rent out the property.

The required notice must be documented in hard copy sent via return receipt or electronically, with the buyer's acknowledgment of receipt. Additionally, the New Jersey Real Estate Commission is tasked with determining the specific format and manner in which this notice will appear on the disclosure statement. The bill is set to take effect immediately upon passage.