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

This bill requires sellers or their representatives (like real estate brokers) to notify buyers about local rent control or rent leveling rules during residential real estate transactions in New Jersey. Specifically, it mandates adding a standardized notice to the property disclosure statement, advising buyers to consult municipal ordinances if they plan to rent the property. 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," and must be provided in writing with buyer acknowledgment. It directly affects buyers of residential properties in municipalities with rent control ordinances, ensuring they receive this information before closing.