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Seller Property Condition Disclosure Questions on Flood Risk Effective on March 20, 2024
Seller Property Condition Disclosure Questions on Flood Risk Effective on March 20, 2024
Flood risks in New Jersey are growing due to the effects of climate change. Coastal and inland areas may experience significant flooding now and in the near future, including in places that were not previously known to flood. For example, by 2050, it is likely that sea-level rise will meet or exceed 2.1 feet above 2000 levels, placing over 40,000 New Jersey properties at risk of permanent coastal flooding. In addition, precipitation intensity in New Jersey is increasing at levels significantly above historic trends, placing inland properties at greater risk of flash flooding. These and other coastal and inland flood risks are expected to increase within the life of a typical mortgage originated in or after 2020.
Flood risks in New Jersey are growing due to the effects of climate change. Coastal and inland areas may experience significant flooding now and in the near future, including in places that were not previously known to flood. For example, by 2050, it is likely that sea-level rise will meet or exceed 2.1 feet above 2000 levels, placing over 40,000 New Jersey properties at risk of permanent coastal flooding. In addition, precipitation intensity in New Jersey is increasing at levels significantly above historic trends, placing inland properties at greater risk of flash flooding. These and other coastal and inland flood risks are expected to increase within the life of a typical mortgage originated in or after 2020.
To learn more about these impacts, including the flood risk to your property, visit flooddisclosure.nj.gov. Launch Flood Risk Notification Tool which provides the information needed for a Seller or Landlord to complete the Property Condition Disclosure (PCD) Form. It is now the Law that Questions 108 through 116 be answered on the PCD From. The answering of these questions cannot be waived. Keep in mind that an agent cannot answer these questions on behalf of the seller or landlord. Doing so looses safe harbor under the Statute of Frauds. Later this year the entire PCD Form will become law for every sale of real estate.
To learn more about these impacts, including the flood risk to your property, visit flooddisclosure.nj.gov. Launch Flood Risk Notification Tool which provides the information needed for a Seller or Landlord to complete the Property Condition Disclosure (PCD) Form. It is now the Law that Questions 108 through 116 be answered on the PCD From. The answering of these questions cannot be waived. Keep in mind that an agent cannot answer these questions on behalf of the seller or landlord. Doing so looses safe harbor under the Statute of Frauds. Later this year the entire PCD Form will become law for every sale of real estate.
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