Legal Question in Real Estate Law in New Jersey

flood issues

My house for sale is under contract and will close in a month. Buyer is aware the property is located in a flood zone and there were two instances when water were in the basement both during record breaking hurricane/severe storm. I only told the buyer's agent about the details of the first storm. The other storm was worse but I did not go into details about it. Should I tell the buyer about it before closing? If I don't, can I be sued? It's in the disclosure form the property is in flood zone and has history of water intrusion in the basement. I forgot to mention there was water too in the garage.


Asked on 10/26/07, 10:12 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: flood issues

Once the Buyer knows the property is in a flood zone, and that there has been prior water penetration, the Buyer makes a decision. Most contracts allow the Buyer to nullify the Contract if so elected, based on the property being in a flood zone. If the Buyer wants to close anyway, you have given all information required. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.

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Answered on 10/26/07, 10:29 am


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