NC Real Estate Commission’s property flood history disclosure rule started July 1st

Starting July 1st, North Carolina will require sellers to disclose detailed information about their properties' flood risk and history, allowing homebuyers to make more informed decisions. This rule change, finalized by the North Carolina Real Estate Commission, was prompted by a petition from several nonprofit groups seeking greater transparency in real estate transactions. Sellers will now need to provide information on past flood incidents, insurance claims, and existing flood insurance premiums. While the new requirements may affect property values, advocates argue that increased transparency will ultimately benefit the real estate market and improve market efficiency.

Source: PortCityDaily