Carrie Coyner
- Republican
- Delegate
- District 75
Real property; duty to disclose ownership interest and lis pendens. Provides that a real estate licensee has an affirmative duty, upon having substantive discussions about specific real property, to disclose in writing to the purchaser, seller, lessor, or lessee of the property if he, any member of his family, his firm, any member of his firm, or any entity in which he has an ownership interest has or will have an ownership interest as a party to the transaction and must also disclose in writing that he is a licensee. The bill requires that an owner of a residential dwelling unit who has actual knowledge of a lis pendens filed against the dwelling unit must provide to a prospective purchaser a written disclosure of such fact on a form provided by the Real Estate Board on its website. This bill is identical to SB 311.
Real property; title insurance and duty to disclose ownership interest and lis pendens. Provides that a real estate licensee has an affirmative duty, upon having substantive discussions about specific real property, to disclose in writing to the purchaser, seller, lessor, or lessee if he, any member of his family, his firm, any member of his firm, or any entity in which he has an ownership interest has or will have an ownership interest to the other parties to the transaction. The bill requires a settlement agent, in connection with any transaction involving the purchase or sale of an interest in residential real property, to obtain from the purchaser a statement in writing that he has been notified by the settlement agent that the purchaser may wish to obtain owner's title insurance coverage including affirmative mechanics' lien coverage, if available, and of the general nature of such insurance coverage in accordance with the standards of the American Land Title Association, and that the purchaser does or does not desire such coverage or desires coverage not consistent with the standards of the American Land Title Association. The bill requires such written notification to substantially comply with language provided in the bill. The bill requires that an owner of residential dwelling unit who has actual knowledge of a lis pendens filed against the dwelling unit to provide to a prospective purchaser a written disclosure of such fact to the purchaser on a form provided by the Real Estate Board on its website.
Approved by Governor-Chapter 610 (effective 7/1/22)
Governor's Action Deadline 11:59 p.m., April 11, 2022
Enrolled Bill communicated to Governor on March 11, 2022
Signed by President
Impact statement from DPB (HB281ER)
Enrolled
Signed by Speaker
Passed Senate (40-Y 0-N)
Read third time
Constitutional reading dispensed (39-Y 0-N)
Reported from General Laws and Technology (15-Y 0-N)
Referred to Committee on General Laws and Technology
Constitutional reading dispensed
Read third time and passed House BLOCK VOTE (99-Y 0-N)
VOTE: Block Vote Passage (99-Y 0-N)
Impact statement from DPB (HB281H1)
Engrossed by House - committee substitute HB281H1
Committee substitute agreed to 22105033D-H1
Read second time
Read first time
Reported from Commerce and Energy with substitute (22-Y 0-N)
Committee substitute printed 22105033D-H1
Subcommittee recommends reporting with substitute (8-Y 0-N)
House subcommittee amendments and substitutes offered
Assigned sub: Subcommittee #1
Impact statement from DPB (HB281)
Referred from General Laws
Referred to Committee on Commerce and Energy
Referred to Committee on General Laws
Prefiled and ordered printed; offered 01/12/22 22104086D
Bill Text Versions | Format |
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Prefiled and ordered printed; offered 01/12/22 22104086D | PDF HTML |
Committee substitute printed 22105033D-H1 | PDF HTML |
HB281ER | PDF HTML |
CHAP0610 | PDF HTML |
Document | Format |
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Fiscal Impact Statement: HB281FER122.PDF | |
Fiscal Impact Statement: HB281FH1122.PDF | |
Fiscal Impact Statement: HB281F122.PDF |
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