Laws & AgencyQuestion 37 of 120
A seller of residential property located in a state-designated flood or fire zone must provide the buyer a:
a.Preliminary title report
b.Loan estimate
c.Natural Hazard Disclosure Statement
d.Mechanic's lien release
Explanation
The Natural Hazard Disclosure Statement informs buyers whether a property lies within designated hazard zones such as flood, fire, earthquake fault, or seismic areas. It is required in most residential one-to-four unit sales. This allows buyers to assess natural risks before completing the purchase.
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