Bill > HB1704

This bill modifies Pennsylvania's real estate disclosure laws by expanding the definition of "material defect" to include flood-related risk factors and requiring sellers to disclose more comprehensive information about potential flood risks when selling residential property. The bill introduces new definitions for terms like "flood damage" and "flood risk indicator," which include details such as previous flood incidents, property location in flood hazard areas, flood insurance requirements, and historical insurance claims related to flooding. The legislation mandates that the Insurance Department create a publicly accessible website with flood-related information and requires sellers to provide buyers with a written disclosure about flood insurance, encouraging potential buyers to review flood risk factors and consult insurance professionals about flood coverage. Additionally, the bill requires the State Real Estate Commission to update the property disclosure statement within 18 months to incorporate these new flood risk disclosure requirements, with the law taking effect 60 days after its passage. These changes aim to provide more transparency and information to homebuyers about potential flood risks associated with a property.

Budget and Finance, Business and Industry

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1704