The bill amends the Seller Disclosure Act by updating Section 7, which outlines the requirements for seller disclosures in property transactions. It introduces new legal language that specifies the disclosures must be made using a standardized form, referred to as the "Seller's Disclosure Statement." This form includes detailed sections for the seller to report on the condition of the property, including appliances, systems, and any known issues such as water damage or environmental hazards. The bill emphasizes that the seller's disclosures are not warranties and advises buyers to conduct their own inspections.

Additionally, the bill mandates that upon receipt of the disclosure statement, the seller's agent must provide a copy to the buyer or the buyer's agent. It also includes provisions for disclosing any upcoming drain assessments when the form is provided. The amendments aim to enhance transparency in real estate transactions and ensure that buyers are adequately informed about the properties they are considering.

Statutes affected:
Senate Introduced Bill: 565.957