Relating to required disclosures in connection with sales of real property; declaring an emergency.
Catchline/Summary:
Requires notice of trustee's sale in connection with foreclosure of residential property to include language that warns prospective purchasers that residential property may have been used in manufacturing methamphetamines.Prohibits beneficiary or trustee, or beneficiary's or trustee's agent, from selling or offering for sale real property acquired as result of foreclosing residential trust deed unless beneficiary or trustee, or beneficiary's or trustee's agent, tests real property for contamination from methamphetamine manufacturing and discloses test results in writing to prospective purchaser.]
Permits purchaser that discovers that beneficiary or trustee, or beneficiary's or trustee's agent, has not conducted test or has misrepresented results to rescind sale of real property without cost or penalty to purchaser or to bring action to recover damages.]
Becomes operative 91 days after effective date of Act.]
Requires notice of trustee's sale in connection with foreclosure of residential property to include language that warns prospective purchasers that residential property may have been used in manufacturing methamphetamines.
Declares emergency, effective on passage.
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HB 3499 Senate Committee On General Government, Consumer and Small Business Protection
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