SB 313 - This act prohibits the sale or transfer of residential real property, unless the owner furnishes the prospective buyer with a completed detailed disclosure statement regarding the condition of the property. The form of the statement is set forth in the act. The seller shall indicate compliance on the offer to purchase, closing statement, lease, or in an addendum to any such document. Any person who does not make each disclosure with honesty in fact shall be liable in a civil action to the transferee for the costs of repairing the undisclosed defect. First sales of a new home or any dwelling, property acquired by foreclosure, estate transfers or divorce transfers are excluded from the act.
JOAN GUMMELS