Bill > H1345

This bill requires property owners and real estate professionals to provide detailed flood zone information to potential buyers and renters before finalizing a sale or lease. The legislation mandates that the Massachusetts emergency management agency create a standardized notification form disclosing critical flood-related details, including: whether the property has experienced previous flooding, its location within special flood hazard areas, the specific flood zone designation, associated flood risk levels, any history of required flood insurance, and past federal disaster assistance for flood damage. Property owners selling or leasing premises must proactively share this form with prospective purchasers or tenants before finalizing the transaction, and they must also verbally disclose any known flooding history. Real estate agents, brokers, and salespeople are also obligated to share this information. Failure to comply can result in penalties up to $1,000 per violation, and such non-compliance may be considered an unfair and deceptive trade practice. The bill aims to enhance transparency and help potential residents make informed decisions about properties located in flood-prone areas by ensuring they have comprehensive information about potential flood risks before making a purchase or rental commitment.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/H1345