The proposed bill updates current statutes concerning the affidavit of disclosure required for the sale of certain parcels of land. Under current law, sellers of five or fewer parcels of non-subdivided land must provide a written affidavit of disclosure to the buyer at least seven days before the property transfer. The bill introduces new requirements for the affidavit, mandating specific information about the property's groundwater status, private well details, and on-site wastewater treatment facilities. It also allows a licensed escrow agent to record the affidavit at the seller's request and clarifies that subsequent sellers must complete and record a new affidavit. Additionally, the bill exempts certain sales from the affidavit requirement, such as trustee's sales and mortgage foreclosures, while adding informative notices to guide buyers on property inspections and water systems. Furthermore, the bill specifies that a seller does not include a personal representative acting on behalf of an estate and makes various technical changes for clarity. It establishes that the seller or an escrow agent will record the executed affidavit of disclosure alongside the deed, clarifies that a licensed escrow agent is not liable for inaccuracies in the affidavit, and introduces new disclosure requirements related to private wells and the property's location concerning groundwater basins and military zones. The bill also modifies existing language regarding the inspection of on-site wastewater treatment facilities and requires sellers to disclose the status of solar energy devices and battery storage devices. Overall, these updates aim to enhance transparency in property transactions and ensure buyers are well-informed about the properties they are considering.

Statutes affected:
Introduced Version: 33-422
House Engrossed Version: 33-422