SB 6283 - DIGEST

(SUBSTITUTED FOR - SEE 1ST SUB)

     Provides that, in a transaction for the sale of residential real property, a seller shall deliver to the buyer a completed real property transfer disclosure statement in the form delineated in the act.

     Requires the buyer to acknowledge receipt of the disclosure and either approve and accept it or rescind the statement within three business days.

     Limits liability of a seller or real estate licensee having no personal knowledge of an error or omission on the disclosure statement.

     Requires actions on a disclosure statement to be commenced within one year.