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04/22/2024 04:09 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=38946
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: December 22, 2022 10:13 AM
From: Representative Robert W. Mercuri
To: All House members
Subject: CIOC REAL ESTATE DISCLOSURE
 
In an effort to strengthen the real estate disclosure process for a purchaser in a common interest owned community (this includes planned communities, cooperatives, and condominiums), I will be reintroducing former HB1840 that adds a simple, easy to read statement for a purchaser to sign acknowledging that they fully understand the structure and function of the CIOC and have received the community declaration and bylaws, as required by the law.

Additionally, this legislation 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.

This bill will more clearly outline the associations 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.

Prior cosponsors of HB1840 are: MERCURI, R. BROWN, CIRESI, GAYDOS, HELM, M. MACKENZIE, N. NELSON, RADER, RYAN, SILVIS, SMITH AND NEILSON
 



Introduced as HB62