|Posted:||August 27, 2021 11:32 AM|
|From:||Representative Robert W. Mercuri|
|To:||All House members|
|Subject:||CIOC REAL ESTATE DISCLOSURE|
|In the near future I will be introducing legislation to strengthen the real estate disclosure process for a purchaser in a common interest owned community (this includes planned communities, cooperatives, and condominiums).
In many cases, a purchaser receives the community declaration and bylaws, as required by law, but they do not fully read or comprehend the way that the community operates, and the rules they are bound by.
By adding a simple, easy to read statement for a purchaser to sign and acknowledge that they have received the documents and understand fully the structure and function of the CIOC. Doing so, we draw further serious attention of the buyer to these documents prior to signing the contract of sale on the property.
Additionally, my bill will clarify when a purchaser should receive the documents necessary to make an informed purchase to give them time to review the document prior to signing the contract of sale.
Finally, my bill will more clearly outline the associaton’s responsibilities to provide these documents to a unit owner in a timely manner for them to provide to the purchaser as required by law.
Please join me in creating a more transparent and modern home mortgage market by co-sponsoring this important legislation.
Introduced as HB1840