The bill amends the Seller Disclosure Act of 1993, specifically section 7, to update the language and requirements for seller disclosures in property transactions. Key changes include the replacement of the word "shall" with "must" to emphasize the obligation of sellers to provide disclosures. The bill introduces a standardized form titled "Seller's Disclosure Statement," which outlines the necessary information sellers must disclose regarding the condition of the property. This form includes sections for the property address, seller's disclosures, and instructions for completing the form, ensuring that sellers provide comprehensive information about the property's condition and any known issues.

Additionally, the bill clarifies the responsibilities of the seller's agent in providing the disclosure statement to the buyer or the buyer's agent. It specifies that the seller's disclosures are not warranties and that buyers should seek professional inspections to assess the property's condition fully. The bill also includes provisions regarding the estimated annual real property taxes on the property, advising buyers not to assume that future tax bills will mirror the seller's current tax obligations. Overall, the amendments aim to enhance transparency and protect both buyers and sellers in real estate transactions.

Statutes affected:
House Introduced Bill: 565.957