Updated Lease and Seasonal Lease
This week, policies from S1368 begin to go into effect. Starting Nov. 3, business owners and rental property owners must maintain and register a Certificate of Liability Insurance of at least $500,000, which includes combined property damage and bodily injury to or death of one or more persons in any accident or occurrence. If the home is a multifamily home of four or fewer units, will be $300,000 when this portion takes effect in Feb. 2023.
Municipalities have begun adopting ordinances required by S1368 to implement procedures to enforce this law at the local level. To comply with S1368, NJ Realtors® updated its New Jersey Standard Form of Residential Lease and Standard Form of Seasonal Lease, forms 125 and 142, and the forms are now available in the zipForms library.
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