Bill Summary By
DISCLOSURE REQUIREMENTS FOR PROSPECTIVE PURCHASERS
Disclosure Requirements for Prospective Purchasers; Requires prospective purchasers of parcel subject to association membership to be provided with certain documents, in addition to disclosure summary, before executing contract; authorizes prospective purchasers to cancel their contract within specified timeframe; specifies that 3-day cancellation period does not include Saturdays, Sundays, or legal holidays.
We need to support this bill. The additional documents that are required to submitted to the prospective purchaser will enhance the purchase’s due diligence in making their investment in real estate. In addition, this bill clarifies and defines that the 3-day cancellation period does not include Saturday, Sundays and legal holidays.
EFFECTIVE JULY 1, 2024
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