Federal Code requires that if the owner of a property received federal flood disaster assistance conditioned on the requirement that owner subsequently obtain and maintain flood insurance, that owner must disclose the following in writing to the acquirer upon transfer of the property:
- The requirement to obtain flood insurance in accordance with applicable Federal law with respect to such property, if the property is not so insured as of the date on which the property is transferred; and
- The requirement to maintain flood insurance in accordance with applicable Federal law with respect to such property.
Such written notification shall be contained in documents evidencing the transfer of ownership of the property.
Where Can I Learn More?
Return to Federal Real Estate Disclosure Requirements
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