Vermont's Senate Economic Development Committee has taken a significant step towards enhancing real estate transparency by approving a draft bill aimed at improving flood risk awareness for property buyers. During a meeting on May 15, 2025, the committee discussed the importance of ensuring that potential buyers are adequately informed about flood risks associated with properties they are considering.

The proposed legislation, known as Bill H 106, mandates that sellers provide buyers with either a physical or electronic copy of the official flood insurance rate map. This requirement is designed to ensure that buyers are aware of any flood risks before completing a property transaction. The committee emphasized the need for the maps to be current and recognized as official, addressing concerns about outdated information that could mislead buyers.

Committee members expressed confidence in the language of the bill, particularly regarding the definition of "official" maps sourced from FEMA. They acknowledged that while some maps may be older, they are still the authoritative documents used for flood risk assessment. The committee also discussed the implications of updates to these maps and how they might affect ongoing transactions, ensuring that the legislation remains relevant and effective.

The committee unanimously approved the draft, with members praising the collaborative efforts that led to its development. The next steps involve reporting the bill to the House for further consideration. This legislation is expected to enhance buyer protection and promote informed decision-making in Vermont's real estate market, ultimately contributing to safer community development.