H-1871.1          _______________________________________________

                                  HOUSE BILL 2122

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State of Washington              52nd Legislature             1991 Regular Session

By Representatives Bowman and Betrozoff.

Read first time February 26, 1991.  Referred to Committee on Judiciary.Requiring disclosure when real property is located in a flood plain.

     AN ACT Relating to disclosures on the conveyances of real property; and adding new sections to chapter 64.04 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 64.04 RCW to read as follows:

     Each earnest money agreement offering real property for sale, and each document conveying real property or an ownership interest in real property, that is located in a one hundred year flood plain as recognized by the federal government under the national flood insurance act of 1968 and subsequently amended by the flood disaster protection act of 1973, must include in substance the following statement:

"WARNING:  This real property is located in a one hundred year flood plain.  Restrictions may exist as to the uses allowed on the real property and the standards of construction applicable to any construction that may be permitted on the real property."

This statement must be printed, engraved, written, or otherwise reproduced in a legible manner on the earnest money agreement or document of conveyance.

NEW SECTION. Sec. 2.  A new section is added to chapter 64.04 RCW to read as follows:

     The location of real property within a one hundred year flood plain, as recognized by the federal government under the national flood insurance act of 1968 and subsequently amended by the flood disaster protection act of 1973, is declared to be a hidden defect in the real property that must be disclosed by the seller of the real property or an ownership interest in the real property.

NEW SECTION. Sec. 3.  A new section is added to chapter 64.04 RCW to read as follows:

     After the effective date of this act, a purchaser of real property may void and rescind the sale of real property subject to sections 1 and 2 of this act and this section within one year of signing an earnest money agreement or document conveying the real property if the agreement or document does not include in substance the language required by section 1 of this act or if the language is not reproduced in a legible manner on such documents.  Additionally, the purchaser shall be awarded all court costs and reasonable attorney fees related to perfecting this right if a trial is held concerning this matter.  The remedy provided for in this section is in addition to any other remedies, defenses, and protections available to a purchaser of real estate.