Snow melt can ruin your house and drown a home sale. Here are a few tips for staying above water
Article Takeaways
- Taking a few preventative measures can greatly reduce the risk of seasonal flooding in your home
- Sellers and Realtors® should ensure that proper material fact disclosures are made to prospective buyers, and disclosures updated as needed.
- Buyers may have the right to cancel a purchase agreement if there is substantial flood damage to the property before the closing date
As temperatures rise and snow vanishes from yards across Minnesota, some of that melt water inevitably seeps through foundations and floods basements. If there’s still snow on the ground where you live, you can prevent water damage by taking a few simple steps:
- Shovel snow five feet away from the perimeter of your home
- Clear downspouts and drainage areas of snow and icy buildup so melt water can flow
- Check roof for excessive snow and remove if needed
- Fill any cracks found in foundation or interior basement walls
- Inspect gutters and remove leaves and debris
- Test your sump pump
If water does invade your basement, it’s important to act fast. Flooding can damage flooring, walls, electrical infrastructure, and make molds and fungus multiply. Contact a professional as fast as possible to help you contain and repair the damage.
Selling Your Home After a Flood? Remember Your Legal Obligations to Buyers
Although there’s never a good time for a flood, it’s much worse when you’re in the midst of trying to sell your home. Sellers of residential property are obligated to amend a Seller’s Property Disclosure and inform the buyer, in writing, as soon as possible if new material facts arise from moisture intrusion. Even if the damage is cleaned up and repaired, you still have to disclose this material fact.
But what if the buyer waived the seller’s material-fact disclosure obligations?
In that case the seller doesn’t have to inform the buyer there has been a flood. However, Realtors® are still obligated to disclose any material facts they know about, including floods.
What happens if my basement floods after we sign the purchase agreement?
If a flood occurs after the purchase agreement is signed and before closing, the Minnesota Realtors® (MNR) residential Purchase Agreement shifts the burden of the loss to the seller. That remains true even if you sold the property using the Minnesota Realtors® As-Is Addendum.
Buying a Home? Stay Alert for Water Damage
If you’ve signed a MNR residential purchase agreement on a home, be sure to take advantage of your right to a walk-through review of the property before closing to determine if the property is in substantially the same condition it was in on the date of the Purchase Agreement. This is your chance to look for signs of water intrusion and damage. If you discover any, the parties will need to determine how they wish to proceed with the transaction. .
What if the flood substantially damages or destroys the home after the purchase agreement is signed? Do I still have to buy the property?
Short answer—no. The terms of the MNR purchase agreement allow buyers to cancel the transaction if the property is substantially damaged or outright destroyed. The buyer must provide written notice of the cancellation to the seller or the seller’s Realtor®.