In real estate transactions for the sale of improved residential real property, absent an express waiver or exemption, sellers must provide buyers with a completed seller disclosure statement no later than five business days after mutual acceptance of a written purchase agreement. The disclosure statement requires the seller to answer yes, no, or don't know on a list of items, and if the questions require, the seller is given space to provide more details. The seller disclosure statement includes the following categories:
Within three business days of receipt of the disclosure statement, the buyer may approve and accept the disclosure statement or rescind the purchase agreement. If the disclosure statement is delivered late or not delivered, the buyer's right to rescind expires the earlier of three days after receipt of the disclosure statement, or the date the transfer closes.
For residential real estate transactions entered into on or after January 1, 2022, the seller disclosure statement is amended to include questions about whether the property currently has Internet access and who the provider is. The seller may answer by providing the information, or by checking the don't know boxes.
PRO: This is a needed disclosure. Buyers need to know about the availability of Internet access. In the beginning, the bill was more technical. This bill needs to be simple as to whether Internet access is available or not. The inclusion of this question is important for prospective buyers to know. The simplified question will provide more meaningful responses.