NEW Flood Addendum for Rentals
New flood addendum is here for rental properties. Sean, please explain this to us.
Yes, so the recent legislative session, they passed a law that now requires landlords to provide this addendum. To tenants. And think of it kind of like the the lead based paint, except this is required across the board, there’s no. Um, there’s no reason that it wouldn’t be provided.
So whether they’re in a floodplain or not, a landlord is required to provide this addendum to any potential tenant prior to executing the lease. So if they have no knowledge, it’s fine. They can just state that they have no knowledge, right?
It’s very similar to the seller’s disclosure that now sellers have to fill out that flood information, whether they have knowledge or not. This is the same thing. So if they’ve had damage, then they also need to let them know. Because you think about it, the tenants have to have renter’s insurance.
And I don’t know if there’s some. Caveat in there that it wouldn’t be covered. Something happened, right, I’m sure, but if their belongings would be covered or not, if they didn’t have that, you know?
Yeah, the knowledge, flood coverage. All right. So we’re going to chat this link in so everyone can take a closer look at this document
So they’ll be in the templates for the leases, whether it’s a lease listing or a tenant, just to remind you guys that it needs to be, they need to receive it before executing a contract. And don’t just think that, well, the landlord doesn’t supply it. It’s not my fault.
You need to be proactive and make sure that they have this prior to if you’re representing a potential tenant, that they have this prior to executing a lease.
Ok. And is this going to be in the templates now? From now on, it’ll automatically be added to any time you do a lease? Yes, perfect.
So it’s mandatory as of January. Twenty twenty two, but it’s available now. You know, it’s just around the Corner and anyone has any questions on it. Stacy is going to be an amazing resource and these documents are all here. Yeah, yeah, it’s perfect. She’s amazing. Thank you, Stacey. All right. Thanks, guys.