SB 1389

Abstract

Property; flood risk information form. Requires the Real Estate Board (the Board) to make available on its website a flood risk information form, the details of which are outlined in the bill. The bill also provides that an owner of residential real property located in the Commonwealth who has actual knowledge that the dwelling unit is a repetitive risk loss structure, as defined in the bill, shall disclose such fact to the purchaser on a form provided by the Real Estate Board on its website. The bill has a delayed effective date of January 1, 2022.

Property; required disclosures for buyer toexercise due diligence; flood risk report. Requires the Departmentof Conservation and Recreation (the Department) to (i) develop, maintain,and update on its public website a statewide database and an officialmap of any parcel of real property in the Commonwealth and (ii) makeavailable on its website a copy of a flood risk report for each parcelof real property in the Commonwealth, the details of which are outlinedin the bill. The bill adds obtaining a flood risk report from theDepartment to the list of things a purchaser is advised to exercise due diligence on when purchasing a property. The bill also providesthat an owner of residential real property located in the Commonwealthwho has actual knowledge that the dwelling unit is a repetitive riskloss structure, as defined in the bill, shall disclose such factto the purchaser on a form provided by the Real Estate Board on itswebsite. The bill has a delayed effective date of January 1, 2022.The provisions of the bill are contingent on funding in a generalappropriation act.