FLOOD DISCLOSURE REQUIREMENT

The new law requires the following at or before the time of a sales contract being executed.

• A statement explaining that property insurance does not cover damage resulting from floods.

• A seller must disclose whether they have filed a claim relating to flood damage on the property.

• A seller must disclose whether they have received federal assistance for flood damage to the property.

THIS PERTAINS TO ALL RESIDENTIAL PROPERTIES INCLUDING VACANT LAND AND CONDOS.