HB 1048 Summary

• Requires contracts for single family dwellings not prepared by attorneys or licensed real estate professionals to be notarized after June 30, 2010, to be valid.

• Mandates recording of contracts with terms of at least three years in the county recorder's office where the dwelling is located for validity.

• Requires notary publics to provide contract purchasers with a department-prescribed form listing property tax deductions, eligibility criteria, required actions, documentation, and instructions for terminating deductions.

• Exempts contracts between initial home buyers and builders for new home construction, and contracts for new manufactured or mobile homes purchased directly from manufacturers or dealers.

• Shields notary publics from liability for the form's content and from damages resulting from failure to provide the form.