Increased Flood Risk Transparency for Buyers of HUD-Owned Homes.
This law enhances protection for individuals buying homes acquired by HUD located in flood hazard areas. Sellers must now disclose the estimated monthly cost of flood insurance and whether the property has a history of severe, repeated flood damage. This allows citizens to better assess the financial risks and safety associated with the purchase before committing.
Key points
Mandatory disclosure of the estimated monthly flood insurance cost for HUD-owned homes located in high-risk flood zones.
Requirement to inform buyers if the home is classified as a 'severe repetitive loss property' due to flooding.
The changes apply to 1-to-4 unit residential properties acquired by the Department of Housing and Urban Development (HUD) through foreclosure.
Status:
Expired
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