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2000 SESSION
HB 1297 Real Estate Board; duties.
Introduced by: Franklin P. Hall | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Real Estate Board; duties. Requires the Real Estate Board to develop and disseminate a one-page form to accompany association disclosure packets, which form shall summarize the unique characteristics of property owners' associations generally and shall make known to prospective purchasers the unusual and material circumstances affecting a lot owner in a property owners' association, including, but not limited to, (i) the obligation of a lot owner to pay regular annual or special assessments to the association, and the penalty for failure/refusal to pay such assessments; (ii) the purposes for which such assessments may be used; and (iii) the importance the declaration of restrictive covenants and other governing documents play in association living. The bill also contains technical amendments.
SUMMARY AS PASSED HOUSE:
Real Estate Board; duties. Requires the Real Estate Board to develop and disseminate a one-page form to accompany association disclosure packets, which form shall summarize the unique characteristics of property owners' associations generally and shall make known to prospective purchasers the unusual and material circumstances affecting a lot owner in a property owners' association, including, but not limited to, (i) the obligation of a lot owner to pay regular annual or special assessments to the association, and the penalty for failure/refusal to pay such assessments; (ii) the purposes for which such assessments may be used; (iii) and the importance the declaration of restrictive covenants and other governing documents play in association living.
SUMMARY AS INTRODUCED:
Real Estate Board; duties. Requires the Real Estate Board to develop and disseminate a one-page form to accompany association disclosure packets, which form shall summarize the unique characteristics of property owners' associations generally and shall make known to prospective purchasers the unusual and material circumstances affecting a lot owner in a property owners' association, including, but not limited to, (i) the obligation of a lot owner to pay regular annual or special assessments to the association, and the penalty for failure/refusal to pay such assessments; (ii) the purposes for which such assessments may be used; (iii) and the importance of the declaration of restrictive covenants and other governing documents play in association living.