Indiana Flood Zone Statement and Authorization
About this form
The Flood Zone Statement and Authorization is a legal document used by sellers to declare the flood zone status of a property. This form requires sellers to provide information regarding whether the property is located in a flood-prone area, as defined by the National Flood Insurance Act of 1968. Buyers must also acknowledge this information and agree to obtain flood insurance if the property is later designated as being in a flood zone. This form is essential for ensuring transparency in real estate transactions involving properties in potentially high-risk flooding areas.
Key parts of this document
- Property address section to specify the location of the real estate.
- Sellers' statements confirming the flood zone status of the property.
- Acknowledgment clause for buyers agreeing to obtain flood insurance if necessary.
- Signature lines for both sellers and buyers to confirm their consent and acknowledgment.
- Address fields for both parties to provide their contact information.
When to use this form
This form is needed when a property is being sold, and there is a requirement to disclose its flood zone status. It is particularly important when the property is located near bodies of water or in areas with a history of flooding. Use this form to protect both sellers and buyers by ensuring that all parties are aware of the flood risks associated with the property being transferred.
Who needs this form
This form is suitable for:
- Home sellers who need to disclose the flood zone status of their property.
- Home buyers who want to ensure they understand the risks associated with their potential new property.
- Real estate professionals facilitating transactions who need to ensure compliance with federal disclosure laws.
Completing this form step by step
- Enter the property address in the designated field.
- Indicate the flood zone status of the property by checking the appropriate box.
- Attach any relevant flood certification or survey documents if available.
- Have both sellers and buyers sign and date the form to confirm their agreements.
- Fill in the address fields for both parties for contact purposes.
Does this form need to be notarized?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to check the correct flood zone status box.
- Not including signatures from both sellers and buyers.
- Omitting to attach necessary documentation, such as flood certifications.
- Providing incorrect property addresses, which can invalidate the form.
Advantages of online completion
- Convenience of downloading and completing the form at your own pace.
- Templates drafted by licensed attorneys, ensuring legal compliance.
- Easy editability to update information as needed.
- Secure storage of completed forms for future reference.
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FAQ
A Flood Zone is a geographical area that is rated to reflect the severity or type of flooding in that area.Areas of minimal flood hazard, Zone C or Zone X are areas outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood.
Zone A. Zone A is the flood insurance rate zone that corresponds to the I-percent annual chance floodplains that are determined in the Flood Insurance Study by approximate methods of analysis.
A study in Science Daily confirmed that proximity to a flood zone - adjacent to a floodplain like a stream or river which might flood - can lower your home's property value by about 7.3 percent.
AE flood zones are areas that present a 1% annual chance of flooding and a 26% chance over the life of a 30-year mortgage, according to FEMA.Since these areas are prone to flooding, homeowners with mortgages from federally regulated lenders are required to purchase flood insurance through the NFIP.
Summary: Proximity to a flood zone lowers property values. By law, a property is considered in a flood zone if any part of the structure falls within a floodplain, an area that is adjacent to a stream or river that experiences periodic flooding.
Flood insurance is mandatory in all A zones because of the high potential of flooding. A-zone maps also include AE, AH, AO, AR and A99 designations, all having the same rates.
The 1-percent annual chance flood is also referred to as the base flood or 100-year flood. SFHAs are labeled as Zone A, Zone AO, Zone AH, Zones A1-A30, Zone AE, Zone A99, Zone AR, Zone AR/AE, Zone AR/AO, Zone AR/A1-A30, Zone AR/A, Zone V, Zone VE, and Zones V1-V30.
Flood zones are geographic areas that the FEMA has defined according to varying levels of flood risk. These zones are depicted on a community's Flood Insurance Rate Map (FIRM) or Flood Hazard Boundary Map. Each zone reflects the severity or type of flooding in the area.
Flood Zone A. Areas subject to inundation by the 1-percent-annual-chance flood event generally determined using approximate methodologies. Flood Zone AE, A1-30. Flood Zone AH. Flood Zone AO. Flood Zone AR. Flood Zone A99. Flood Zone V. Flood Zone VE, V1-30.