NC home buyer - flood zone - who provides surveyor ?

[New Guy]

I am in the process of purchasing a home in NC. The question of flood
zone and flood insurance has come up. Who is responsible for providing a
surveyor to come in and determine whether or not this home is actually in
a flood zone - seller or buyer ?

TIA

Paul

[d***@practical.org]

Post by New Guy
I am in the process of purchasing a home in NC. The question of flood
zone and flood insurance has come up. Who is responsible for providing a
surveyor to come in and determine whether or not this home is actually in
a flood zone - seller or buyer ?
TIA
Paul

It might be unnecessary for anyone to retain a surveyor. Presumably
you know the address. If not, you should. So here is a question you
can answer for yourself, at least preliminarily:

Have you looked at any of the easy to find, Is my (or about to
become) property in a federally designated flood zone so as to require
flood insurance? web sites?

If not and just for fun, or maybe definitively, look at, for instance,
whichever you prefer of


https://msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1
or

http://msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1
then do the then obvious.

You do not say whether you intend to pay all cash or whether as most
one family residential purchasers do you will obtain a conventional
first mortgage.

But if the latter, be aware that Sect. 4012a(b)(1) of the National
Flood Insurance Act directs in very clear terms, among other things,
that no lender may make any loan secured by any improved real estate
in an area that has been identified by the FEMA's Director as an area
having special flood hazards and in which flood insurance has been
made available under the Act unless the building any personal property
that secures the loan is covered for the mortgage's entire term by
flood insurance in an amount equal at least to the loan's outstanding
principal balance.

To implement the NFIA and also the federal Flood Disaster Protection
Act, the Sect. 4104a(a)(1) of the NFIA also requires that federally
regulated lending institutions that make any residential mortgage loan
to notify the purchaser OR obtain satisfactory assurances that the
seller has notified the purchaser and also the servicer of the loan,
IN WRITING, reasonably before the signing of the purchase agreement or
other documents involved in the transaction of the property's in or
out of flood plane status.

For more if you are interested, as it would seem that a prudent
purchaser should and would be, see 42 U.S.C. §§ 4001-4129.

But there are two caveats so obvious that they ought not need stating,
which of course why more often than not, which is too often, it
necessary to state them:
First, do not act in reliance on anything said by anyone in a
Usenet or similar Internet news group whose identity and credentials
to speak are not known to you.
Second, a person who represents himself in any transaction of
substantial import to that person probably has a fool for a client.

Some related questions for a prudent person to answer for himself:
Do you have an attorney representing YOUR interests exclusively
in the purchase and mortgage loan transactions? If not, why not?
If you do, have you asked your attorney? If not, why not?
If you answered No to the first and third of these questions, how
much will have been the "saving"s to you compared with what probably
would be the loss to you if you choose not to be well advised?

You're welcome.

[New Guy]

Post by New Guy
I am in the process of purchasing a home in NC. The question of flood
zone and flood insurance has come up. Who is responsible for providing a
surveyor to come in and determine whether or not this home is actually
in a flood zone - seller or buyer ?
TIA
Paul

I should have gone into more detail. I had begun to prepare an
addendum as a text file I would have cut and pasted but all is mute
at this point.

Yesterday ( 4:30ish )I closed on said house. I did have an attorney,
and it was between the VA and the underwriters of my financial institute
that needed said proof that my house was not under water at any time. A
surveyor had come and gone and had determined that although much of my
3 acres could be SHADED-X flood zone ( 500 yr ). But not the house itself.
That did satisfy those involved but I had agreed to split the cost of the
surveyor with the seller. As an after thought I was wondering if it should
have been the seller alone to pay for the surveyor. It was my attorney who
had explained to me that we both split the cost. But I do know that the
attorney is good friends of the seller. I was hoping to go to the closing
meet an be able to tell the seller it was his to pay. That is about the
size of it.

Paul

[deadrat]

Post by New Guy

Post by New Guy
I am in the process of purchasing a home in NC. The question of flood
zone and flood insurance has come up. Who is responsible for providing a
surveyor to come in and determine whether or not this home is actually
in a flood zone - seller or buyer ?
TIA
Paul

I should have gone into more detail. I had begun to prepare an
addendum as a text file I would have cut and pasted but all is mute
at this point.

You mean that nobody at the closing could talk?

Post by New Guy
Yesterday ( 4:30ish )I closed on said house. <snip/>
Paul

[d***@practical.org]

Post by New Guy

Post by New Guy
I am in the process of purchasing a home in NC. The question of flood
zone and flood insurance has come up. Who is responsible for providing a
surveyor to come in and determine whether or not this home is actually
in a flood zone - seller or buyer ?
TIA
Paul

I should have gone into more detail. I had begun to prepare an
addendum as a text file I would have cut and pasted but all is mute
at this point.
Yesterday ( 4:30ish )I closed on said house. I did have an attorney,
and it was between the VA and the underwriters of my financial institute
that needed said proof that my house was not under water at any time. A
surveyor had come and gone and had determined that although much of my
3 acres could be SHADED-X flood zone ( 500 yr ). But not the house itself.
That did satisfy those involved but I had agreed to split the cost of the
surveyor with the seller. As an after thought I was wondering if it should
have been the seller alone to pay for the surveyor. It was my attorney who
had explained to me that we both split the cost. But I do know that the
attorney is good friends of the seller. I was hoping to go to the closing
meet an be able to tell the seller it was his to pay. That is about the
size of it.
Paul

This does suggest that your original question is now moot (not mute).
Generally, it also usually is unwise and anyway futile to wonder about
What if?s and Could have?s after a negotiated compromise has been
agreed to and performed. But for future reference:

It is possible that there is some custom and practice in your area of
NC or some other locality if you later plan to move there that would
affect an answer to your question, but the time to ask it was and
would be before you sign contract, not afterwards. It also is
reasonably arguable that your question was moot from the get-go in any
event because it was not the right question to ask at least not when
you asked it. It is of course possible, for instance, that a buyer
could ask a seller,

Please pay for a survey and whatever if any flood insurance may be
required if I am financing this purchase with a NFIA relevant lender
or, even if not, pay for flood insurance if the survey shows the
property is in whole or in part in a FEMA designated flood zone, and
also my attorneys fees and all closing fees and other costs and also
one-hundred dollars for food and sandwiches and other refreshments at
the closing?

It is possible. This would be part of a NEGOTIATION. And what to
negotiate for and what not to negotiate for is a PRACTICAL decision
which, therefore, will be affected, for the purchaser, by how PREPARED
the negotiator is about what to ask (negotiate) for. And vice versa
and-or pari passu for the seller if the seller wants. But here's the
thing:

Suppose that the seller says, Yes! to the its-possible question above
and really means it. But if so, would not the then want to answer for
him or herself or at least wonder, Will the seller as part of the
negotiation merely raise the asking price a more or less equal or
maybe even greater sum to compensate himself or herself for the
prospective cost of that Yes! answer?

And so, return to the, It's a negotiation! and, even if you never were
a Boy Scout, Be prepared (in advance)! reminders above. In the
future.

But also do not forget:
Do not act in reliance on anything said by anyone in a
Usenet or similar Internet news group whose identity and credentials
to speak are not known to you.
A person who represents himself in any transaction of
substantial import to that person probably has a fool for a client.