§180.__Limitation of action

An action for violation of this subchapter may not be commenced later than one year from the earliest of the dates of possession, of occupancy or of recording of an instrument of conveyance of the residential real property.

§181.__Effective date

This subchapter takes effect January 1, 2000.

SUMMARY

This bill requires the owner of real estate consisting of one to 4 dwelling units to make certain disclosures to prospective buyers of the property similar to what is currently required of a real estate broker for the seller. The bill requires the disclosure of any material defects in the property, the type of water system used, the type of insulation and whether there are or were any hazardous materials on the property. If an owner fails to make the required disclosures, the purchaser may rescind the purchase contract.