SB 907 Summary

• Repeals and replaces exemptions from residential disclosure requirements, removing exemptions for court-ordered transfers, deed-in-lieu of foreclosure transfers, and foreclosure acquisitions effective October 1, 2019.

• Establishes detailed residential disclosure report template requirements including specific questions about property condition, foundation/pyrrhotite issues, mechanical systems, water systems, sewage, asbestos/lead, and building structure problems.

• Adds specific disclosure requirements regarding pyrrhotite-related foundation problems, including questions about testing, inspections, repairs, and knowledge of pyrrhotite presence in concrete foundations.

• Requires the Commissioner of Consumer Protection to prescribe the disclosure report format with template specifications including maximum page size (8.5" x 11"), minimum 9-point type, property address on each page, and spaces for buyer and seller initials.

• Requires seller to credit purchaser $500 at closing if written residential condition report is not provided, while preserving seller's obligation to disclose knowledge of pyrrhotite-related foundation problems regardless of report failure.