Todd Harvey, https://toddharvey.pinetreeme.com/ Pine Tree Realty of Maine located in Naples and Windham Maine is asked…
Can you explain Maine’s New Flood Disclosure Law?
Maine's New Flood Disclosure Law: A Breakdown for Buyers, Sellers & Real Estate Professionals!
Understanding the Key Real Estate Disclosure Requirements
Maine's new flood disclosure law mandates that property sellers disclose specific flood-related information to potential buyers. This includes:
- FEMA Floodplains: Whether the property is located in a FEMA-designated flood zone.
- Flood History: Any flooding events that occurred while the seller owned the property, including the extent of damage and insurance claims.
- Flood Insurance: The existence and cost of any active flood insurance policy.
- Disaster Aid: If the seller received any disaster-related aid due to flood damage.
Disclosure Timing
The timing of disclosure depends on the property type:
- Residential Properties: The seller must disclose the information before or at the time the contract is signed.
- Nonresidential Properties: The seller must disclose the information before the buyer makes an offer or exercises an option to purchase.
Navigating Ambiguities and Challenges
While the law provides clear guidelines, some aspects can be challenging to interpret, such as:
- Minor Flooding Events: Determining whether a minor flooding event, like gravel washing away from a driveway, constitutes a significant disclosure.
- Historical Data: Obtaining accurate historical flood data, especially for older properties.
- Insurance Claims: Understanding the nuances of flood insurance claims and how they should be disclosed.
The Importance of Professional Guidance
Given the complexities and potential legal implications of flood disclosure, consulting with real estate professionals is highly recommended. They can help:
- Interpret the Law: Provide guidance on specific disclosure requirements.
- Gather Information: Assist in obtaining accurate flood-related data.
- Address Concerns: Help buyers and sellers navigate potential disputes or uncertainties.
Click here to read the new law
By understanding the key requirements, addressing ambiguities, and seeking professional advice, buyers and sellers can ensure compliance with Maine's new flood disclosure law and mitigate potential risks associated with flood-prone properties.
Todd Harvey is a Broker/Owner/Realtor at Pine Tree Realty of Maine and works with his wife Suzette Harvey and numerous real estate agents in Greater Portland Maine……visit Todd & the Agency at https://www.pinetreeme.com/ or Todd’s Personal Site at https://toddharvey.pinetreeme.com/
