Housing Transparency Improvement Act

Bill 118 s 2334, also known as the Housing Transparency Improvement Act, aims to increase transparency in the housing market by requiring certain information to be disclosed to potential homebuyers. The bill specifically focuses on the disclosure of past flood damage and flood risk information for residential properties.

Under this legislation, sellers of residential properties would be required to disclose any past flood damage that the property has experienced. This information would need to be provided to potential buyers before a sale is finalized. Additionally, sellers would also be required to disclose the property's flood risk, including whether it is located in a designated flood zone.

The goal of the Housing Transparency Improvement Act is to ensure that homebuyers have access to important information about a property's flood history and risk before making a purchase. By increasing transparency in the housing market, the bill aims to help buyers make more informed decisions and potentially avoid purchasing properties that are at high risk for flooding. Overall, the Housing Transparency Improvement Act seeks to protect homebuyers and promote transparency in the housing market by requiring sellers to disclose past flood damage and flood risk information for residential properties.