The bill amends the Seller Disclosure Act by updating the language and requirements for the seller's disclosure statement. It specifies that the disclosures must be made on a new form titled "SELLER'S DISCLOSURE STATEMENT," which includes detailed sections for property address, purpose of the statement, and seller's disclosures regarding the condition of the property. The bill emphasizes that the seller does not provide warranties and that the information disclosed is based on the seller's knowledge at the time of signing. Additionally, it mandates that the seller's agent must provide a copy of this statement to the buyer or the buyer's agent upon receipt.

The bill also introduces several changes in legal language, such as replacing "shall" with "must" and "is required to" with "shall," which strengthens the obligations of the parties involved. It clarifies that the seller authorizes their agent to provide the disclosure statement to prospective buyers and outlines the consequences of failing to provide a signed disclosure statement, which allows the buyer to terminate a purchase agreement. Furthermore, the bill includes new sections advising buyers to obtain professional inspections and provides information regarding property tax obligations, emphasizing that future tax bills may differ from the seller's current tax bills.

Statutes affected:
House Introduced Bill: 565.957