House Sponsors: NOVAK-FANTIN-HOLBROOK. Senate Sponsors: O'MALLEY Short description: RESIDENTIAL SELLER DISCLOSURE Synopsis of Bill as introduced: Amends the Residential Real Property Disclosure Act. Provides that the Act applies only to a "seller" who is a person or entity with a legal or equitable interest in the residential real property and either has occupied or has had management responsibility for the property. Provides that the seller shall supplement the disclosure document if it contains known errors or is subsequently rendered inaccurate before closing. Adds to the disclosure report form a note that the disclosures reflect the current condition of the premises and do not include previously corrected problems. Provides that if a material defect is disclosed in a supplemental document, then the prospective buyer shall not have the right to terminate the contract unless the seller had actual knowledge of the defect before the initial disclosure. Provides that if the seller fails or refuses to deliver the disclosure document before the conveyance of the residential property, then the buyer shall have the right to terminate the contract. HOUSE AMENDMENT NO. 1. Replaces the amendatory provisions defining "seller" to provide that the Residential Real Property Disclosure Act applies to all sellers who have a legal or equitable interest in the residential real property, but does not apply to a person who has neither occupied nor managed the property. Deletes the amendatory provision requiring the seller to supplement the disclosure document if the document is rendered inaccurate by any occurrence before closing. Provides that the disclosure document does not include problems the seller reasonably believes have been corrected. FISCAL NOTE, H-AM 1 (Office of Banks & Real Estate) There would be no fiscal or operational impact on this Office. STATE MANDATES FISCAL NOTE, H-AM 1 HB358, as amended by H-am 1, fails to create a State mandate. SENATE AMENDMENT NO. 1. Deletes the amendatory provisions defining "seller" and adds that the Act applies to every seller. Makes other changes. Last action on Bill: PUBLIC ACT.............................. 90-0383 Last action date: 97-08-15 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status