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.
Bill Summaries: H 31 MATERIAL FACT DISCLOSURE CLARIFICATIONS.
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Bill H 31 (2017-2018)Summary date: Mar 1 2017 - View Summary
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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.