Massachusetts House Bill H1483

Massachusetts 2023-2024 Regular Session

• Introduced: 2/16/23
• Refer: 2/16/23

Caption

Protecting buyers from unknowingly purchasing property in a flood zone

Impact

If enacted, H1483 will significantly impact how real estate transactions are conducted in areas prone to flooding. It aims to increase transparency in property sales by mandating disclosures related to flood risks and making it easier for buyers to make informed decisions. This measure seeks to reduce potential financial losses for individuals buying homes in flood-prone areas, thereby potentially decreasing the burden on state resources during disaster recovery efforts.

Summary

House Bill H1483 proposes amendments to Chapter 183 of the General Laws in Massachusetts to protect buyers from unknowingly purchasing properties located in flood zones. The bill requires that owners selling residential properties disclose critical information regarding flood risks associated with those properties. This includes providing prospective buyers with a standard notification form prepared by the Massachusetts emergency management agency, outlining the property's flood history, including previous damages and whether flood insurance was required.

Contention

While the bill addresses an essential consumer protection issue, it may face some contention from real estate agents and owners concerned about the possible ramifications of mandatory disclosures. Opponents may argue that the additional requirements could complicate property sales and lead to decreased property values in flood-prone areas. The pending law could also raise questions about how compliance will be enforced and the penalties for failing to adhere to these disclosures.