Effective October 1 ,2024, pursuant to House Bill 1049, a seller must (statutory requirement) complete and provide a flood disclosure to a purchaser of residential property at or before the signing of a sales contract.
The flood disclosure form asks the seller to declare whether or not:
- Seller has has filed a claim with an insurance provider relating to flood damage on the property, including, but not limited to, a claim with the National Flood Insurance Program.
- Seller has received federal assistance for flood damage to the property, including, but not limited to, assistance from the Federal Emergency Management Agency.
For the purposes of this disclosure, the term “flooding” means a general or temporary condition of partial or
complete inundation of the property caused by any of the following:
a. The overflow of inland or tidal waters.
b. The unusual and rapid accumulation of runoff or surface waters from any established water source, such
as a river, stream, or drainage ditch.
c. Sustained periods of standing water resulting from rainfall.
Though it does not require the seller to disclose information of a home’s past flood damage, this is a first step in ensuring greater transparency when buying what is often the largest purchase in an individual’s life.Â