Bill > S753

This bill requires property owners, sellers, and real estate professionals to provide detailed flood zone information to potential buyers and renters. Specifically, the bill mandates that owners must disclose flood-related risks by using a standard notification form prepared by the Massachusetts emergency management agency. This form must include critical information such as previous flooding history, specific flood insurance rate map zone designations, flood damage claims, whether flood insurance was previously required, and any existing federal disaster aid-related insurance requirements. For sales transactions, owners must provide this information before accepting a purchase offer, and for rentals, before entering into a tenancy agreement. The bill defines key terms like "flood zone" and "owner" comprehensively, ensuring broad applicability. Owners or real estate professionals who fail to comply can be fined up to $1,000 per violation and may be subject to additional legal liability. The goal of this legislation is to enhance transparency and help potential property occupants understand the flood-related risks associated with a specific premises before completing a transaction, thereby empowering consumers to make more informed decisions about property acquisition or rental.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S753