Property Owners' Associations; property owners' associations to provide disclosures and certain documents before a lot sale closes; require
Impact
The implementation of SB315 will significantly influence state laws relating to property transactions within branded communities, particularly those governed by homeowners' associations. By requiring transparent disclosures regarding fees, assessments, and rules, the bill enhances buyer autonomy and protections, particularly in situations where buyers may encounter misleading or inadequate information. This change aims to create a more informed real estate market and foster fairer transactions for prospective property owners.
Summary
Senate Bill 315 aims to regulate the practices of property owners' associations in Georgia by instituting mandatory disclosure requirements for prospective lot owners before the sale of property. The bill mandates that associations provide a disclosure summary that informs buyers of their obligations, the existence of restricting covenants, and potential special assessments. This summary must be presented prior to any contract execution, ensuring that buyers are adequately informed about their responsibilities and the implications of their investments in property governed by an association.
Contention
While the bill is largely viewed as a protective measure for buyers, there may be contention from property owners' associations and developers, who feel that the new requirements could complicate the sales process or reduce their flexibility in managing properties. Nevertheless, proponents argue that transparency is essential for fostering trust and integrity in real estate transactions, preventing buyers from unknowingly entering contracts that could impose significant financial or legal burdens.
Property owners' associations; creating or enforcing covenants which infringe on a lot owners' right to use natural gas or solar energy device; prohibit
Property owners' associations; creating or enforcing covenants which infringe upon a lot owner's right to install a solar energy device or display the United States flag; prohibit
Contract requirements for deeds between investor sellers and purchasers of residential real property modified, recording provisions modified, disclosures required, right to cancel provided, and civil remedies authorized.
Requires detailed disclosure of information concerning required payments in lieu of property taxes to be provided to purchaser of real property constructed pursuant to financial agreement containing long term tax exemption.
Requires detailed disclosure of information concerning required payments in lieu of property taxes to be provided to purchaser of real property constructed pursuant to financial agreement containing long term tax exemption.
Contract for deed requirements between investor sellers and purchasers of real property modification; recording provisions modifications; disclosures requirement; right to cancel and civil remedies authorization