SB 526

Abstract

Resale Disclosure Act; delivery of resale certificate; remedies. Provides that failure to deliver a resale certificate within 14 days, as required by the Resale Disclosure Act, deems the resale certificate unavailable. The bill grants a purchaser three days from the date of ratification of the contract or the date of receipt of the resale certificate or notice that such certificate is unavailable, as applicable, to cancel the contract. Additionally, the bill (i) excludes from the resale certificate requirements of the Act an initial disposition of a lot to a person who is not acquiring the lot for his own residence and (ii) allows a resale certificate to be delivered to a purchaser's authorized agent. Current law excludes the resale certificate requirements of the Act for any initial disposition, regardless of its intended use, and only allows a resale certificate to be delivered to a purchaser. Finally, the bill mandates the seller to be responsible for all fees associated with the preparation and delivery of the financial update. However, the settlement agent or other requesting party may pay such fees up front, regardless of whether such requesting party requests to be reimbursed for such fees from the seller.

Resale Disclosure Act; delivery of resale certificate; remedies. Provides that failure to deliver a resale certificate within 14 days, as required by the Resale Disclosure Act, deems the resale certificate unavailable. The bill grants a purchaser three days from the date of ratification of the contract or the date of receipt of the resale certificate or notice that such certificate is unavailable, as applicable, to cancel the contract. Additionally, the bill (i) excludes from the resale certificate requirements of the Act an initial disposition of a lot to a person who is not acquiring the lot for his own residence and (ii) allows a resale certificate to be delivered to a purchaser's authorized agent. Current law excludes the resale certificate requirements of the Act for any initial disposition, regardless of its intended use, and only allows a resale certificate to be delivered to a purchaser. Finally, the bill mandates the seller to be responsible for all fees associated with the preparation and delivery of the financial update unless the settlement agent or other requesting party agrees to pay for such fees.

Resale Disclosure Act; delivery of resale certificate;remedies. Provides that failure to deliver a resale certificatewithin 14 days, as required by the Resale Disclosure Act, deems the resale certificate unavailable. The bill grants a purchaser threedays from the date of ratification of the contract or the date ofreceipt of the resale certificate or notice that such certificateis unavailable, as applicable, to cancel the contract. Finally, thebill (i) excludes from the resale certificate requirements of theAct an initial disposition of a lot to a person who is not acquiringthe lot for his own residence and (ii) allows a resale certificateto be delivered to a purchaser's authorized agent. Current law excludesthe resale certificate requirements of the Act for any initial disposition,regardless of its intended use, and only allows a resale certificateto be delivered to a purchaser.