Home Sales Need Better Disclosure Of Flood Risk Experts Say
An expert federal panel has added its voice to the growing campaign for laws requiring homebuyers to be informed about a property’s flood history, calling current disclosure practices “not adequate.” A Federal Emergency Management Agency advisory panel says in a new report that prospective buyers cannot “make a fully informed decision” about whether to buy a property in states that do not require sellers to disclose flood history. The disclosure can help buyers determine whether a property has been previously damaged by flooding, is at risk of future flood damage and whether new owners should buy flood insurance....