MATERIAL FACT DISCLOSURE CLARIFICATIONS.

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View NCGA Bill Details2017-2018 Session
House Bill 31 (Public) Filed Wednesday, February 1, 2017
AN ACT TO CLARIFY THAT THE MERE FACT THAT REAL PROPERTY IS INCLUDED IN A COMPREHENSIVE TRANSPORTATION PLAN, STANDING ALONE, IS NOT A REQUIRED DISCLOSURE OR A MATERIAL FACT FOR THE PURPOSES OF DISCLOSURE FOR REAL ESTATE TRANSACTIONS.
Intro. by Hastings, Stone, Davis, Floyd.
Status: Ref To Com On Rules and Operations of the Senate (Senate Action) (Mar 30 2017)

SOG comments (1):

Long Title Change

Submitted by Penny.Griffin@n... on

House committee substitute to the 1st edition changes the long title. The original title is as follows:

AN ACT TO CLARIFY THAT THE INCLUSION OF REAL PROPERTY ON A COMPREHENSIVE TRANSPORTATION PLAN IS NOT A REQUIRED DISCLOSURE OR A MATERIAL FACT FOR THE PURPOSES OF DISCLOSURE FOR REAL ESTATE TRANSACTIONS.

Bill History:

H 31

Bill Summaries:

  • Bill H 31 (2017-2018)
    Summary date: Mar 1 2017 - View Summary

    House committee substitute makes the following changes to the 1st edition.

    Amends proposed GS 39-51 to establish as material the fact of inclusion of real property or any portion thereof being offered for conveyance, rent, or lease in a financially constrained transportation plan, but establishes that the mere fact that the real property or any portion thereof is included in a comprehensive transportation plan that is not financially constrained alone is not material (previous edition did not differentiate between inclusion in a financially constrained transportation plan as a material fact). Makes clarifying changes. 

    Amends proposed GS 47E-4(b3) to limit the exemption from disclosure in the owner's residential property disclosure statement to a purchaser to when the real property is included in a comprehensive transportation plan that is not financially constrained (previous edition exempted from disclosure the adoption of a comprehensive transportation plan adopted as specified).

    Changes the act's long title.

    Development, Land Use and Housing, Land Use, Planning and Zoning, Property and Housing, Government, State Agencies, Department of Transportation
    GS 39, GS 47E
  • Bill H 31 (2017-2018)
    Summary date: Feb 1 2017 - View Summary

    Enacts GS 39-51, Inclusion of real property in a comprehensive transportation plan not a material fact, providing that, when real property is offered for conveyance, rent, or lease, it is not a material fact that the real property, or any portion of the real property, is included in a comprehensive transportation plan adopted pursuant to GS 136-66.2 (concerning development of streets and highways in and around municipalities), GS 136-212 (concerning rural transportation planning), or in accordance with federal law. Prohibits a party or a party's agent to the conveyance, rental, or lease of real property to knowingly make a false statement regarding the inclusion of the real property, or any portion of the real property, in such a comprehensive transportation plan.

    Amends GS 47E-4, which sets out required disclosures an owner must provide to a purchaser in a residential property disclosure statement, by adding a new subsection to provide that the adoption of a comprehensive transportation plan pursuant to GS 136-66.2, GS 136-212, or in accordance with federal law, is not to be considered a required disclosure under the statute. Prohibits all persons or agents subject to GS Chapter 47E, the Residential Property Disclosure Act, to knowingly make a false statement regarding the inclusion of real property in such a comprehensive transportation plan. 

    Applies to real estate contracts entered into on or after the date the act becomes law.

    Development, Land Use and Housing, Land Use, Planning and Zoning, Property and Housing, Government, State Agencies, Department of Transportation
    GS 39, GS 47E
View: All Summaries for Bill