Following FEMA flood map updates in Texas, a property that was previously in Zone X (minimal risk) is now in Zone AE (high risk). The seller listed the property before the map change and the buyer is under contract. Under Texas law, what must the seller do?
Correct Answer
A) Amend the Seller's Disclosure Notice to reflect the updated flood zone designation
The seller must amend the Seller's Disclosure Notice to reflect the updated flood zone designation. This is a material change in the property's status that affects the buyer's insurance requirements and costs.
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Related Topics & Key Terms
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Related Concepts
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
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