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In addition, private transfer fee statutes in Alabama, California, Connecticut, Kentucky, Maine, Nebraska, New Jersey, North Dakota, Pennsylvania, South Dakota and Texas [12] require that the sales contract between the buyer and the seller disclose the existence of a private transfer fee covenant, which provides an additional form of actual notice.
The California Disclosure Act changed the substance and timing required to be filed with the California Secretary of State for all U.S. — as well as foreign — corporations that are either incorporated in California or that do business in California.
The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code, [1] states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas. The law specifies that the six (6) required hazards be disclosed on a statutory form called the ...
Businesses that maintain a free and public privacy policy that allows users to opt into or opt out of information sharing are also exempt. The law defines "customer" as "an individual who is a resident of California who provides personal information to a business during the creation of, or throughout the duration of, an established business ...
"California’s laws usurp the role of federal regulators, opening the door for other states to take an opposite approach to disclosure, leaving businesses and their investors caught in the middle ...
In the United States, a seller disclosure statement is a form disclosing the seller's knowledge of the condition of the property. The seller disclosure notice or statement is anecdotal and does not serve as a substitute for any inspections or warranties the purchaser may wish to obtain. It also does not serve as a warranty of any kind. [1]