Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate Disclosure topic
No spam. Unsubscribe anytime.
Senate approves bill tightening HOA records disclosure and inspection reporting
Summary
Senate File 24 48, advanced and passed on a unanimous roll call, requires homeowners-association records to include dues status, allows requesters to seek proof that HOA fees are reasonable, and requires sellers to disclose portions of home inspection reports that claim faults; failure to disclose could void a transaction per the bill language described on the floor.
Senator Bussello, recognized for opening comments, described Senate File 24 48 as legislation originating from realtors that updates disclosure requirements for homeowners associations and real-estate transactions. The bill would require HOA records to indicate whether dues have been paid, permit someone seeking HOA records to request proof that fees charged were reasonable and based on production/reproduction costs, and require disclosure of portions of a home inspection report that assert faults; the sponsor said failure to disclose such portions could allow a transaction to be voided.
Bussello moved that SF 24 48 be read for the final time and placed on its passage. The secretary read the bill title and the chamber proceeded to roll-call vote. The clerk announced 42 yeas and 0 nays; the presiding officer declared the bill passed and the title agreed to.
Senator Bussello described the bill as codifying ‘‘common-sense’’ disclosure rules for real-estate transactions and HOA records. No floor amendments or public-comment testimony were recorded in the transcript for this item. After passage, the bill was included among those ordered messaged immediately.
