What should a seller disclose if their property has a history of flooding?

In real estate transactions, sellers have a legal and ethical obligation to disclose material facts about the property that could affect a buyer's decision. A history of flooding falls into this category because it can significantly influence a buyer’s perception of the property's value and livability.

Full disclosure is critical because it allows buyers to make informed decisions based on the property's past conditions. This transparency helps prevent potential legal disputes in the future over nondisclosure or misrepresentation. Buyers need to assess risks related to flooding, such as potential damages, insurance implications, and costs associated with flood prevention or repairs. Since flooding can lead to structural damage and has implications for insurance underwriting, a seller must provide comprehensive information regarding such conditions, regardless of when the flooding occurred.

Sellers cannot simply wait for buyers to inquire about such issues, as it could lead to claims of withholding important information. Disclosure is not time-sensitive to recent incidents; it encompasses all previous occurrences that could affect the buyer's assessment. Thus, full disclosure regarding any history of flooding is paramount in maintaining trust and transparency in real estate transactions.