This bill amends existing real estate disclosure laws to include the requirement that sellers or their agents must inform potential buyers about flood risks before executing a purchase and sale agreement for real property that includes a building. The bill specifically adds language concerning flood risk to the notifications required for radon, arsenic, and lead. The new flood risk notification encourages buyers to determine if separate flood insurance is necessary and to consult the Federal Emergency Management Agency's (FEMA) flood maps to ascertain if the property is in a designated flood zone. This information is to be acknowledged by the buyer's signature.

The bill also introduces a new subparagraph under RSA 477:4-d, I, which mandates the disclosure of information regarding the property's location in a federally designated flood hazard zone. Additionally, the bill clarifies that nothing in the amended section shall impact the legal validity of the title transferred or create liability for the seller or seller's agent for failing to provide the notification. The effective date of the bill's provisions is contingent on whether HB 398 of the 2024 legislative session becomes law. If HB 398 becomes law, section 1 of this bill will not take effect, and section 3 will take effect on January 1, 2025. If HB 398 does not become law, section 1 will take effect on January 1, 2025, and section 3 will not take effect. The remainder of the act takes effect upon its passage, with the approval date being July 19, 2024.

Statutes affected:
As Amended by the House: 477:4-a, 477:4-d
As Amended by the Senate: 477:4-a, 477:4-d
Version adopted by both bodies: 477:4-a, 477:4-d
CHAPTERED FINAL VERSION: 477:4-a, 477:4-d, 198:15-c