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.
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.
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