– New York State might require homeowners to disclose flood risk during property sales
– Buyers currently have little protection against purchasing homes at risk of flooding
– Sellers in 21 states, but not New York, are already required to disclose flood risk
– The proposal also aims to create the state’s first uniform flood risk disclosure form
– It is unclear when the rule could take effect
Flood Risk Disclosure: A Rising Tide in New York
It appears that New York might be diving into the deep end of flood risk disclosure regulations. A proposal under consideration would mandate homeowners in the Empire State to disclose flood histories and future risks when selling property. Presently, buyers have to sink or swim on their own, as there are scant protections against unwittingly purchasing real estate in a flood risk zone.
A New Wave of Transparency
In 21 states across America, it’s already required that sellers spill the beans about a property’s flood risk. However, New York has been sitting on the dock, leaving buyers high and dry. The initiative in deliberation not only aims to bridge this informational gap but also to create the state’s first standardized flood risk disclosure form. This development will equip buyers with the necessary data to make an informed decision, thus helping to protect their financial investment.
It remains murky as to when this rule could take effect, with the proposal still floating in legislative waters. Nonetheless, if adopted, it would undeniably mark a sea of change in New York’s property market regulations.
The Breezy Take
From a digital marketing perspective, transparency always sails smooth seas. The proposal for a mandatory flood risk disclosure gives property buyers in New York a much-needed life jacket, steering them clear of potential financial underwater rocks. At the same time, it deepens the pool of information required by sellers, thus increasing the burden but also potentially enhancing the trust in transactions. While the when and how remain to be seen, the ripple effects of this regulation could be a tide that lifts all boats in the real estate sector.
Original article: https://apnews.com/video/new-york-state-government-new-york-floods-natural-disasters-kathy-hochul-bcaf87c0924b4989a61aeef7d7113e79