Establishes certain requirements if purchasing and reselling same single-family home within one year of receiving certificate of occupancy.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes requirements for individuals who purchase and resell a single-family home within one year of receiving a certificate of occupancy. Specifically, short-term resellers must retain a portion of the sale price in escrow for four months to cover potential damages related to renovations, complete a property condition disclosure statement, and attest to having occupied the home as their primary residence while performing certain work. The bill also mandates a public education program to inform residents about these new regulations.
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