Definition of Natural Hazard Disclosure Act:
Orange County, Ca Hazard Areas:
This is a California state-specific law requiring sellers and their listing agent to provide prospective buyers with a Natural Hazard Disclosure statement that designates whether the home they're selling is located in a hazardous area. Hazard areas include flood, fire, earthquake fault and seismic hazard zones. The disclosure will also note whether the home is subject to Mello-Roos tax. Paid for by the sellers, the report is prepared by a city engineer, geologist or land surveyor. Buyers must get the disclosure during the inspection contingency period and will have three days to decide if they want to rescind their offer based on the report's findings. It must be signed by all parties before the transaction can close.