What Does a Seller Have to Disclose About a Property’s Flood History?

Effective January 1, 2020, sellers must disclose actual knowledge or notice of any flood claims filed on the property. South Carolina law requires sellers of residential real property to provide buyers with a completed “Residential Property Disclosure Statement” prior to forming (ratifying) a contract to purchase/sell the property. (See footnote). The South Carolina Real Estate Commission recently amended this form, effective January 1, 2020, to require this disclosure regarding flood claims.  The form requires sellers to disclose actual knowledge of defects, malfunctions, etc. concerning a number of aspects of the property they are trying to sell including but not limited to: water supply, roof, foundation, plumbing, electrical, tenants/leases, homeowner’s associations, building codes, and pest infestations.  While the previous version of this form required…