Real property; required disclosures for buyer to exercise due diligence, flood risk report.

Property; required disclosures for buyer toexercise due diligence; flood risk report. Requires the Departmentof Conservation and Recreation (the Department) to (i) develop, maintain,and update on its public website a statewide database and an officialmap of any parcel of real property in the Commonwealth and (ii) makeavailable on its website a copy of a flood risk report for each parcelof real property in the Commonwealth, the details of which are outlinedin the bill. The bill adds obtaining a flood risk report from theDepartment to the list of things a purchaser is advised to exercise due diligence on when purchasing a property. The bill also providesthat an owner of residential real property located in the Commonwealthwho has actual knowledge that the dwelling unit is a repetitive riskloss structure, as defined in the bill, shall disclose such factto the purchaser on a form provided by the Real Estate Board on itswebsite. The bill has a delayed effective date of January 1, 2022.The provisions of the bill are contingent on funding in a generalappropriation act.