The proposed bill would update current statutes related to the affidavit of disclosure for property sales by introducing new requirements and clarifications. Specifically, it mandates that the seller or a licensed escrow agent must complete and record an affidavit that includes detailed information about the property, such as the status of private wells and on-site wastewater treatment facilities. The bill also specifies that licensed escrow agents are not liable for inaccuracies in the affidavit and requires that a new affidavit be recorded for subsequent transactions. Additionally, it exempts certain sales, like trustee's sales and mortgage foreclosures, from the affidavit requirement.

Moreover, the bill enhances the information provided in the affidavit by including disclosures about solar energy devices and battery storage, as well as the property's proximity to groundwater basins and military zones. It removes outdated legal language and clarifies the responsibilities of sellers, particularly when they are acting as trustees or personal representatives of an estate. Overall, these updates aim to improve transparency in property transactions and ensure that buyers are well-informed about the properties they are considering.

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