An amendment to the Residential Property Disclosure Act which is effective December 1, 1997, clarifies the timing of the purchaser's right to cancel a contract if the purchaser does not receive the Residential Property Disclosure Statement prior to making an offer. This amendment made necessary a change in the Guidelines on the reverse side of the Statement. The Statement and revised guidelines are reprinted in this Bulletin.
The new legislation also authorizes and directs the Real Estate Commission to develop a new Residential Property Disclosure Statement for use on and after October 1, 1998. The time, date and place for the rulemaking hearing to consider the adoption of the Statement and other rules will be announced in the next issue of the Bulletin, scheduled for publication in early January. The Bulletin will also contain a proposed Statement.