Bill Text: NC H31 | 2017-2018 | Regular Session | Amended

North Carolina House Bill 31 (Prior Session Legislation)

Bill Title: Material Fact Disclosure Clarifications

Spectrum: Slight Partisan Bill (Republican 6-2)

Status: (Engrossed - Dead) 2017-03-30 - Ref To Com On Rules and Operations of the Senate [H31 Detail]

Download: North_Carolina-2017-H31-Amended.html

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

H 2

HOUSE BILL 31

Committee Substitute Favorable 3/1/17

Short Title: Material Fact Disclosure Clarifications.		(Public)
Sponsors:
Referred to:

February 2, 2017

A BILL TO BE ENTITLED

AN ACT to clarify that the mere fact that real property is included in a comprehensive transportation plan, standing alone, is not a required disclosure or a material fact for the purposes of disclosure for real estate transactions.

The General Assembly of North Carolina enacts:

SECTION 1. Article 9 of Chapter 39 of the General Statutes is amended by adding a new section to read:

"§ 39‑51. Inclusion of real property in a comprehensive transportation plan not a material fact.

In offering real property for conveyance, rent, or lease, the fact that the real property, or any portion thereof, is included in a financially constrained transportation plan shall be deemed material; however, the mere fact that the real property, or any portion thereof, is included in a comprehensive transportation plan that is not financially constrained adopted pursuant to G.S. 136‑66.2 or G.S. 136‑212, or in accordance with 23 U.S.C. §§ 134 or 135, shall not, standing alone, be deemed material. A party to the conveyance, rental, or lease of real property, or an agent of any said party, may not knowingly make a false statement regarding the property's inclusion on any transportation plan."

SECTION 2. G.S. 47E‑4 reads as rewritten:

"§ 47E‑4. Required disclosures.

...

(b3) The inclusion of real property in a comprehensive transportation plan that is not financially constrained adopted pursuant to G.S. 136‑66.2 or G.S. 136‑212, or in accordance with 23 U.S.C. §§ 134 or 135, shall not be considered a required disclosure as provided in this section, provided, however, that no person subject to this Chapter, or an agent of a person subject to this Chapter, may knowingly make a false statement regarding any such fact.

...."

SECTION 3. This act is effective when it becomes law and applies to real estate contracts entered into on or after that date.