Quote:
Originally Posted by PDXmom
In other states the seller has to disclose if the property is in a floodplain prior to closing. Does any know if that is the case here in NC?
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http://www.ncrec.gov/forms/rec422.pdf
Flood Plain discovery is part of Buyer due diligence.
The buyer's survey should include notation on existence of floodway or 100 year flood plain on the property. Buyer should always have their own survey done on new construction. For multiple reasons.
As the disclosure form indicates, the Seller can choose to legally mark "No Representation" and have made legitimate disclosure.
Sellers must not LIE and state there is no flood plain, if they know differently. And there is a section in the standard Realtors' form whre in the Seller attests, "To the best of Seller's knowledge..." and whether Seller does or doesn't carry flood insurance currently.
And, as noted, builders are exempt from this disclosure in new construction.
It becomes material if the structure is in the flood plain and will require flood insurance.
Many very desirable properties have a sliver of flood plain, or a corner that dips into flood plain, particularly since the last floodmap update.