Relating To Real Property Disclosures Within Shoreline Areas.
The bill seeks to enhance purchaser protection during real estate transactions by mandating clearer disclosures that inform buyers about environmental risks associated with properties adjacent to coastlines. It aims to mitigate the risks of unsuspecting buyers who may be ill-prepared for the implications of coastal erosion, flooding, and storm surge threats linked to rising sea levels. By establishing a more robust framework for information disclosure, the legislation intends to inform buyers adequately and foster responsible property ownership practices amid evolving environmental challenges.
Senate Bill 1389, relating to real property disclosures within shoreline areas, is presented as legislation aimed at addressing the challenges posed by climate change, specifically sea level rise. The bill underscores the ongoing threat that climate change represents, emphasizing its effects on the economy, sustainability, security, and residents' livelihoods in Hawaii. It builds upon previous legislation, requiring sellers to disclose if a residential property lies within designated sea level rise exposure areas, further mandating the disclosure of significant environmental factors like unpermitted erosion control structures and annual coastal erosion rates affecting oceanfront properties.
Despite the legislative intent to improve buyer awareness and property management, there are concerns from various stakeholders about the practical implications of implementing such disclosures. Notably, discussions have highlighted the potential burden on property sellers, who may face complexities and costs related to providing detailed documentation for shoreline properties. The lack of comprehensive data on coastal erosion rates and the ambiguous nature of certain regulatory measures may further complicate compliance and hinder real estate transactions in affected areas. Stakeholders have voiced the need for clarity and comprehensive support to ensure that these measures do not inadvertently deter property sales or impose excessive liabilities on sellers.