Laws mandating on property improvement

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(B) Failure to provide the disclosure form required by this article to the purchaser does not: (1) void the agreement; (2) create a defect in title; or (3) present a valid reason to delay or otherwise interfere with the closing of a real estate transaction by a party including a closing attorney or lender.

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(6) "Real estate contract" means a contract for the transfer of ownership of real property. (8) existence of a meter conservation charge, as permitted by Section 58-37-50, that applies to electricity or natural gas service to the property. Editor's Note Under the provisions of Chapter 34, Title 1, an agency is required to adopt the latest edition of a nationally recognized code which it is charged by statute or regulation with enforcing by giving notice in the State Register.

(7) "Real estate licensee" means an individual licensed under Title 40, Chapter 57. This article applies to the following transfers of residential real property consisting of at least one but not more than four dwelling units: (1) sale or exchange; (2) installment land sales contract; or (3) lease with an option to purchase contract. (B) The disclosure statement must give the owner the option to indicate that the owner has actual knowledge of the specified characteristics or conditions, or that the owner is making no representations as to any characteristic or condition. Effect of Amendment The 2010 amendment added subsection (A)(8), relating to meter conservation charges.

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