HB0274

Official summary

2007 General Session Summary for HB0274 Bill No.: HB0274 Drafter: MDO LSO No.: 07LSO-0453 Effective Date: 7/1/2007 Enrolled Act No.: HEA124 Chapter No.: 206 Prime Sponsor: Representative Zwonitzer, Dn. Catch Title: Real estate disclosure. Subject: Required disclosures of certain conditions on vacant land. Summary/Major Elements: Requires that every seller of vacant land provide to the buyer a property disclosure statement, including: o Whether the property is being offered as a unified estate and if the fee ownership of the mineral estate has been severed from the surface estate; o The availability of public utilities, water and sewer infrastructure and fire protection services; o The name of the entity that maintains the roads and the level of maintenance; and o The existence of any easements. A failure to provide a required property disclosure will not invalidate a property transfer, but willful or negligent violation of this section will render the seller liable for the amount of actual damages suffered by the buyer. Comment: Final action was not yet taken at the time this summary was initially prepared. This summary should replace the summary contained in the bound materials.