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
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status