Fair Disclosure and Airport Impact Statements in Real Estate Transfers (2012) / Chapter Skim
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Pages 19-28
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From page 19... ...
As permitted by other residential real property disclosure laws, attorney's fees and costs are recoverable. The TAP does not preempt any other laws or remedies that a buyer may have under state law.
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From page 20... ...
Part 150, Airport Noise Compatibility Planning or any successor regulation.215 (j) The term offer to purchase means a buyer's written offer to purchase residential real property in any form including but not limited to a real estate contract signed by a buyer and presented for a seller's acceptance, a lease with an option to purchase, the exercise of an option to purchase, or an offer to exchange property for residential real property.216 (k)
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From page 21... ...
As for other alternatives, Arizona requires that a seller provide a proper and timely notice when a property is in a High Noise and Accident Potential Zone.226 A seller must disclose that the property is located within the zone and is subject to a requirement of compatibility with a military airport, as well as disclose to a buyer that there is a potential for aircraft noise.227 In Maryland, sellers of residential real property must disclose to buyers known military operations affecting a property, including flight operations and the testing of munitions that may subject the property to high noise levels.228 In Virginia, an owner of residential real property located in any locality in which a military air installation is located shall disclose to the purchaser whether the subject parcel is located in a noise zone or accident potential zone, or both, if so designated on the official zoning map by the locality in which the property is located on a form provided by the Real Estate Board.229 Furthermore, an owner must disclose "the specific noise zone or accident potential zone, or both, in which the property is located according to the official zoning map."230 Section 2(e) defines an airport influence area.
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From page 22... ...
The California disclosure law has an even more extensive list of exempt transfers.235 Some residential real property disclosure laws exempt the first sale of residential property that has never been occupied or inhabited.236 Although such an exemption may be justified regarding defective material or workmanship in a house that may be under §§ 5302.30(B)
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From page 23... ...
, as well as the actual radar flights paths used by landing and departing aircraft. This Airport Disclosure Statement shall be attached to and made a part of any real estate contract between the Seller and the Buyer and shall survive the delivery of a deed of conveyance by the Seller to the Buyer at final settlement.
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From page 24... ...
In contrast, some residential real property disclosure laws permit disclosure to be made even after a real estate contract has been executed by a buyer and seller. The intent of Section 6(a)
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From page 25... ...
Comment Section 7 is consistent with the disclosure laws in several states providing that a seller's compliance with a residential real property disclosure law is not a substitute for a buyer's inspection of the property or an excuse for a buyer not to exercise reasonable care.246 For example, in Hawaii, "[t] he disclosure statement shall not be construed as a substitute for any expert inspection, professional advice, or warranty that the buyer may wish to obtain."247 The nature of an investigation would be in the buyer's discretion, but could include a review of the land records in the county where the property is located, the use of an appraiser, another expert, and/or the buyer's own reconnaissance of the area.
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From page 26... ...
, a buyer may elect to retain the property and commence an action for actual damages directly and proximately caused by the seller's failure to deliver an Airport Disclosure Statement as required by this Act.254 (c) A buyer's right to claim damages for a seller's noncompliance with the Act is not affected by a buyer's sale or re-conveyance of the subject property within one-year of the final settlement on the residential real property at issue.
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From page 27... ...
However, consistent with several current disclosure laws, some states may prefer that the Act's remedies supersede all other rights and remedies under state law.256 B.10. Limitation of Seller's Liability 257 A seller is not liable for any error, inaccuracy or omission of any material information provided by a government or governmental agency or by an airport or airport authority on which a seller relied when complying with Sections 4, 5, and 6 of this Act as long as the error, inaccuracy or omission was not within the actual knowledge of the seller.258 Comment Section 10 is intended to protect a seller who has relied on material information provided by a government or governmental agency or by an airport or airport authority that proves to be erroneous, inaccurate, or incomplete.
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From page 28... ...
Comment Section 13 sets an outermost limit on the initiation of claims for failure to comply with the Act. Current residential real property disclosure laws bar claims after 1 year or at the most 2 years.
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