Chapter 508D — Chapter 508D

§508D-1 Definitions. As used in this chapter, unless the context requires otherwise: "Common area" means real property that is designated as common area in or pursuant to a declaration, that is owned or leased by the association under the declaration, or that is otherwise availab…

§508D-10 REPEALED. L 2001, c 224, §8.

§508D-11 Disclosure form. In addition to the other information required by this chapter, the form for the disclosure statement shall include the following:

§508D-12 Indication of receipt of disclosure statement. (a) The buyer shall indicate receipt of the seller's disclosure statement on the real estate purchase contract, or in any addendum attached to the contract, or in a separate document. (b) Receipts taken for the disclosure st…

§508D-13 Later material facts. Information in a disclosure statement that has not been disclosed or becomes inaccurate regarding a material fact as a result of an act, agreement, or occurrence (or otherwise becomes known to seller) after the statement is provided to the buyer doe…

§508D-14 Additional disclosure requirements. The requirements of this chapter are in addition to all other disclosure obligations of the seller required by law relating to the sale of residential real property. [L 1994, c 214, pt of §2; am L 1996, c 161, §14; am L 2001, c 224, pt…

§508D-15 Notification required; ambiguity. (a) When residential real property lies within: subject to the availability of maps that designate the five areas by tax map key (zone, section, parcel), the seller shall include the material fact information in the disclosure statement …

§508D-16 Remedies; voidable contracts. (a) A buyer may elect to complete the purchase of residential real property even if the seller fails to comply with the requirements of this chapter. After recordation of the sale of residential real property, a buyer shall have no right und…

§508D-17 Limitation of actions. (a) Any action brought under this chapter shall commence within two years from the date the buyer received the disclosure statement; provided that if no disclosure statement was delivered to the buyer, then the action shall commence within two year…

§508D-18 Alternative dispute resolution. If the real estate purchase contract provides for alternative dispute resolution, then prior to filing an action in any court to enforce this chapter, a seller or buyer shall first submit the claim to alternative dispute resolution as requ…

§508D-2 Applicability. Except as otherwise provided for in this chapter, this chapter applies to any sale of residential real property. The failure of the seller or the seller's agent to comply with this chapter shall not affect the validity of title to any residential real prope…

§508D-3 Exemptions. This chapter shall not apply to the following sales of residential real property:

§508D-3.5 Disclosure of documents; required documentation. (a) If the residential real property being offered for sale is subject to a recorded declaration, the seller shall provide the following documents and any amendments or supplements thereto, to the extent applicable: (b) I…

§508D-4 Prohibitions on sales of residential real property. Except as provided in section 508D-3, no seller may sell residential real property unless:

§508D-5 Delivery of disclosure statement to buyer; procedures. (a) No later than ten calendar days from acceptance of a real estate purchase contract, the seller, either directly or through the seller's agent, shall provide the disclosure statement to the buyer. (b) Upon receipt …

§508D-6 Later discovered inaccurate information. Prior to closing the real estate purchase contract, a buyer who receives a disclosure statement that fails to disclose a material fact or contains an inaccurate assertion that directly, substantially, and adversely affects the valu…

§508D-7 Seller's agent's duties and responsibilities for disclosure. (a) Any person or entity acting in the capacity of an escrow agent for the sale of residential real property subject to this chapter, shall not be deemed the agent of the seller or buyer for purposes of the disc…

§508D-8 Excluded facts from the disclosure statement. Except as otherwise provided by law, the fact that: may be excluded from the disclosure statement. This information shall not be deemed a material fact for purposes of the disclosure statement. [L 1994, c 214, pt of §2; am L 1…

§508D-9 Good faith and due care in preparing the disclosure statement. (a) A seller or the seller's agent shall prepare the disclosure statement in good faith and with due care. A buyer shall have no cause of action against a seller or seller's agent for, arising out of, or relat…