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.