Bill Text: DE SB195 | 2011-2012 | 146th General Assembly | Draft
Bill Title: An Act To Amend Title 6 Of The Delaware Code Relating To Home Construction And Improvement Protection.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2012-04-03 - Assigned to Community/County Affairs Committee in Senate [SB195 Detail]
Download: Delaware-2011-SB195-Draft.html
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SPONSOR: |
Sen. Ennis & Rep. Walker |
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Sens. Bunting & Venables; Rep. Keeley, Carson, Jaques, Osienski |
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DELAWARE STATE SENATE 146th GENERAL ASSEMBLY |
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SENATE BILL NO. 195 |
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AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO HOME CONSTRUCTION AND IMPROVEMENT PROTECTION. |
Section 1. Amend Title 6 of the Delaware Code by making additions as shown by underlining and deletions as shown by strike through as follows:
§3604. Disclosure of value appreciation.
(a) In all land use development where additional density, or bonuses, have been granted or awarded by any municipal or county government in order to achieve, sponsor, facilitate, enhance or encourage the construction of fixed price units, written notification shall be provided to all prospective buyers of both market rate and fixed price units or dwellings. Written notices shall be given (7) days prior to any contract to purchase has been executed.
(b) Four (4) notarized documents of this disclosure shall be secured, (1) copy shall be surrendered to the municipal or county government which approved the fixed price unit plan, this copy to be available for public inspection; (1) copy to the buyer; (1) copy to the sales agent; and the remaining copy with the development company. Surrender to the government body shall occur within (7) days of the executed sales contract. The governmental body shall issue a dated receipt for each disclosure document retained pursuant to this section.
(c) This disclosure shall include financial aspects of home ownership within the particular development or community, specifically the number of fixed price units within the development; and any subsidy that may be necessary through increased maintenance fees to accommodate fixed price units within the development/ community.
(d) The disclosure shall include the standard real estate terms of ‘regression' and ‘progression' as related to the placement and the number of fixed price units throughout the particular development/community.
(e) As per §578,Title 6 of the Delaware Code, the Delaware Real Estate Commission shall develop a standard form to be used as the Seller's disclosure of Real Property (Condition-DELETE) Report.
§3605. Violation and Enforcement.
The penalties for failure to advise prospective buyers as mandated in §3604, Title 6 of the Delaware Code shall delegated to the municipal or county government.
SYNOPSIS
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This Bill provides for disclosure materials and information to be distributed where additional density or bonuses have been granted by the local government. It also provides for penalties for failures to provide these materials at the discretion of the local jurisdiction. |
Author: Sen. Ennis
