90th General Assembly
Summary of HB0358
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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


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