New Law Mandates Flood Disclosure for New York Home Sellers
On Friday, September 22, Governor Kathy Hochul signed a bill into law that now mandates that homeowners disclose whether or not their properties have been flooded or are at risk of future flooding.
Experts say that the new legislation signed by Governor Hochul is a significant step toward addressing the growing threat of flooding in the state. With rising sea levels and more intense storms, there is increasing vulnerability of inland areas in the state to flooding.
With this signing, New York becomes the 30th state in the country to require flood disclosures during home sales. The state already has a similar law in place for rental properties.
The new law addresses a loophole in the current state legislation that allowed home sellers to avoid disclosing flood risks by paying a $500 fee. In addition to this, the law now requires sellers to provide additional information about flooding on their properties, such as whether the property is located in a flood hazard area and if any flood insurance claims have been made.
According to the National Climate Assessment report, the Northeast region is experiencing the most significant increase in extreme rainfall across the country, along with a three times higher sea-level rise compared to the global average.
Assemblymember Robert Carroll, the sponsor of the bill, emphasized the need to respond to the harm caused by climate change as the state works towards combating it. He believes the law will assist New Yorkers in making informed decisions to protect their homes from flooding when purchasing a property.