The proposed bill would amend current statutes regarding the affidavit of disclosure required for the sale of certain parcels of land. Under the new law, the seller or a licensed escrow agent, at the seller's request, would be responsible for recording the affidavit of disclosure at the same time as the deed. This bill also clarifies that a subsequent seller or their escrow agent must complete and record a new affidavit for subsequent transactions. Additionally, it specifies that licensed escrow agents are not liable for inaccuracies in the affidavit, including omissions.

The bill expands the information required in the affidavit to include details about private wells and on-site wastewater treatment facilities, such as inspection dates. It also introduces informative notices regarding the responsibilities of buyers concerning well inspections and the legality of septic systems and cesspools. Furthermore, the bill exempts certain sales, such as trustee's sales and mortgage foreclosures, from the affidavit requirement and clarifies that sellers do not include personal representatives acting on behalf of an estate. Overall, these updates aim to enhance transparency and protect buyers in real estate transactions.

Statutes affected:
Introduced Version: 33-422