ND HB1251

Creates mandatory written property disclosure requirement for sales or exchanges of owner-occupied primary residences in North Dakota when a real estate broker, associate, or salesperson is involved in the transaction.

Requires sellers to disclose all material facts known to adversely and significantly affect an ordinary buyer's use and enjoyment of the property, including latent defects, general condition, environmental issues, structural systems, and mechanical issues.

Mandates brokerage firms retain signed copies of the disclosure form completed by the seller and signed by the prospective buyer following the transaction.

Directs the North Dakota Real Estate Commission to establish and make available a standardized written disclosure form, consulting with stakeholders such as professional organizations.

Authorizes the North Dakota Real Estate Commission to investigate and take disciplinary action against real estate brokers, associates, or salespersons who violate this section under existing disciplinary procedures.