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Randall Bell
March 12, 2024
Page 23

WANT TO KNOW IF YOUR FUTURE HOME MIGHT FLOOD? THESE STATES ARE REQUIRING DISCLOSURE

Randall Bell
March 12, 2024
Page 23

Willthacheerleader18 | Houses in the historic Walltown neighborhood in Durham, North Carolina | https://commons.wikimedia.org/wiki/File:Walltown,_Durham,_North_Carolina_1.jpg | CC BY-SA 4.0 DEED, Attribution-ShareAlike 4.0 International | https://creativecommons.org/licenses/by-sa/4.0/  

North Carolina Real Estate Commission passed new disclosure rules requiring detailed flood risk information for home buyers. Sellers must now reveal flood insurance status, past claims, and federal assistance received due to flooding. This follows similar moves in South Carolina, New York and New Jersey, acknowledging increasing flood risks nationwide.

Advocates stress the importance of transparency. However, many states still lack such requirements. Calls for federal action persist, but individual state initiatives aim to empower buyers with crucial flood-related information to help make more informed decisions.

Tagged: #realestateappraisal, #complexvaluation

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