FLOOD INSURANCE; ELEVATION CERTIFICATE Clause Samples

FLOOD INSURANCE; ELEVATION CERTIFICATE. If the Property is located in a designated flood zone, flood insurance may be required as a 116 condition of a new loan. Buyer is encouraged to promptly verify the need, availability, and cost of flood insurance, if applicable. An Elevation 117 Certificate (“EC”) is the document used by the federal National Flood Insurance Program (“NFIP”) to determine the difference in elevation between 118 a home or building, and the base flood elevation (“BFE”), which is a computed elevation to which floodwater is anticipated to rise during certain floods. 119 The amount of the flood insurance premium for a particular property is based upon the EC. Not all properties in flood zones require an EC, 120 depending upon when they were constructed. ECs must be prepared and certified by a land surveyor, engineer, or architect who is authorized by 121 the local jurisdiction to certify elevation information. The costs and fees for an EC may range from a few hundred dollars to over a thousand. If the 122 Property requires an EC, it will need to be obtained prior to receiving a flood insurance quote. Additionally, Lenders may require an EC 123 as a condition of loan approval. For more information, go to the following link: ▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇/base-flood-elevation 124 7. SELLER-CARRIED FINANCING (E.G., LAND SALE CONTRACT/TRUST DEED/MORTGAGE/OPTION AGREEMENTS, RENT-TO-OWN, 125 ETC.): Notice to Buyer and Seller: If this transaction involves a land sale contract, trust deed, mortgage, option, or lease-to-own agreement 126 (hereinafter a “Seller Carried Transaction”), Oregon law requires that, unless exempted, individuals offering or negotiating the terms must hold a 127 mortgage loan originator (“MLO”) license. Your real estate agent is not qualified to provide these services or to advise you in this regard. Legal 128 advice is strongly recommended. Oregon law exempts the following individuals from the MLO licensing law: (a) Those who offer or negotiate terms 129 of a residential mortgage loan with or on behalf of their spouse, child, sibling, parent, grandparent, grandchild or a relative in a similar relationship 130 created by law, marriage or adoption; (b) Those who sell their primary residence they currently or previously lived in; and (c) Individuals who sell up 131 to three (3) non-primary residences during any 12-month period. (Note: One may not hold more than eight residential mortgage loans at one time.) 132 If this is a Seller-Carried Transaction, and one or more of the prec...