HB2092

THE CONTEXT: Current law requires a seller of five or fewer parcels of non-subdivided land, located in an unincorporated area of a county, and any subsequent seller, to furnish an affidavit of disclosure to the buyer at least seven days before the property is transferred. The buyer has the right to rescind a sale within five days of receiving the affidavit.

WHAT THE BILL DID: The final vetoed version would require that an affidavit of disclosure be completed by the seller and contain all the information specified by statute, allow a licensed escrow agent, if requested by the seller, to record the affidavit of disclosure, and describes the responsibilities of a subsequent seller and licensed escrow agent relating to completing and recording a subsequently executed affidavit.

WHY IT MATTERED: The practical reason for this bill was to give the people who rely on the rule clearer information and a defined reporting process. It would require that an affidavit of disclosure be completed by the seller and contain all the information specified by statute, and would also allow a licensed escrow agent, if requested by the seller, to record the affidavit of disclosure, rather than leave the current rule unchanged.