BURLINGTON, Vt. (WCAX) – An update to a flood-prone property policy we told you about last year. It’ll change how you buy or sell homes in Vermont.
Legislation passed last spring requires sellers to disclose if a property has been through a flood, sits in a flood hazard area, and whether they maintain flood insurance.
As of September 1, that rule has evolved.
Sellers are no longer responsible for determining whether the property sits in a FEMA flood hazard area.
They’re still required to share any existing property maps or prove they don’t exist.
The Vermont Association of Realtors says that’s because sellers were struggling to interpret flood plain maps and didn’t want to lead buyers astray.
The director, Peter Tucker, says this takes some undue responsibility off of sellers while pointing buyers in the right direction. ((Peter tucker // VT realtors association
“That was really our objective, was to protect buyers to make sure they’re fully informed, but not to put a legal obligation on sellers that they were unable to accomplish,” said Tucker.
To interpret whether a property sits in a flood hazard area, he recommends consulting with building inspectors and town or city officials.
“The challenge that we faced with sellers was that it made them liable for damages if the map wasn’t provided properly. This way, the buyer can work with their agent to determine what their risk is,” said Tucker.
The association says there are rare instances where no mapping exists for a property. That’s when buyers should seek out more significant counsel.
