Nova Scotia makes changes to property disclosure statements

The coastline off Mabou, Cape Breton. (Source: Province of Nova Scotia)

As of July 1, people who want to purchase coastal property in Nova Scotia will have more options to help make informed decisions about living along the coast.

Buyers will now have the option for property disclosure statement forms to request that the seller disclose whether coastal flooding, erosion, general flooding, pooling or drainage issues have affected the property.

“Purchasing a property is one of the biggest and most important financial commitments we make, and I applaud the leadership of the real estate commission, who with this change are helping property buyers make informed decisions and investments with respect to potential impacts of climate change,” said Timothy Halman, minister of Environment and Climate Change. “This is the type of all-hands-on-deck approach to adapting to global climate change that is needed to ensure our communities and homes are sustainable and safe.”

The Nova Scotia Real Estate Commission made the changes to the form to follow the province’s commitment to work with the commission on increasing awareness and understanding of potential hazards when it comes to owning coastal property, a news release said.

The property disclosure statements help protect both buyers and sellers and provide buyers with as much information as possible to make informed decisions. The statement changes apply to land with or without buildings on them.

The new tool works with others the province has put in place to help property owners, potential buyers and the real estate sector, including:

• a coastal hazard assessment report that gives property owners customized information on potential coastal flooding and erosion risks on their property
• a guide on how to use trees, plants and other natural techniques to protect properties from erosion, rising sea levels and flooding- the coastal hazard mapping tool which shows possible coastal flooding and erosion impacts to properties
• a checklist and education video for real estate agents to use to help their clients make informed decisions about buying coastal property, developed in partnership with the Nova Scotia Association of REALTORS
• a navigator service to help coastal property owners understand potential risks and hazards on their property and what they can do to mitigate them.

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