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Lawmakers: Home sales need to have better flood disclosures

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  • Staff Report 

Amidst escalating flood concerns linked to climate change, a new bill has progressed in the New York state Assembly to bolster flood risk disclosure to homebuyers.


The bill, supported by Assemblymember Robert Carroll, is set to establish a “right to know” clause for homebuyers, supplementing the current flood disclosure requirement.

It seeks to rectify a “loophole” in the existing law that permits a buyer to receive a $500 credit at closing in exchange for waiving the disclosure requirement.

Under the new legislation, sellers will be required to provide buyers with comprehensive information about flood risk, flood history, and flood insurance linked to the property.