The Role of Natural Hazard Disclosure Reports

The Role of Natural Hazard Disclosure Reports

May 05

There are certain things in life that are worth the risk – such as a vacation or perhaps applying for that job you never thought you might be qualified for. But with certain permanent possibly life altering things (such as purchasing a house), it is often better to be safe than sorry.

A house can look absolutely perfect at first. It can even look like your dream house. But have you ever met someone who looked absolutely gorgeous only to find out later on that they’re about as dull as a brick or, perhaps, quite rotten on the inside? There is the definite possibility of there being demons that lurk in that seemingly perfect house and just as with any permanent commitment – you’ll want to see the fine print of what you’re signing on to before saying the proverbial “I do” with a house.

One of these necessary fine prints comes in the form of natural hazard disclosure reports or NHD reports. These are legally required documents from sellers in some states – though come from an external source (and if the source is affiliated with the seller, then the buyer needs to be made aware of this partnership – in case there might be a conflict of interest) and can often range in price from $50 to around $250, depending on the kind of coverage that you might wish to know about the home you wish to purchase. In retrospect, this amount of money for reliable documentation can save you hundreds of thousands of dollars in repairs or possible decontamination.

Some natural hazards that you must be made aware of are things like: is the house situated in a place that is frequently visited by fires or earthquakes or floods? If so, can the house structurally sound enough to withstand such profound damage? Not only that but there may also be secret toxins that lurk within the house that the buyer needs to know about. After all, there is every possibility that the walls have secrets that could very well endanger the lives of the occupants of those who are exposed to it without their knowledge.

Which price would you rather pay?