Fair Disclosure and Airport Impact Statements in Real Estate Transfers (2012) / Chapter Skim
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Pages 59-67
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From page 59... ...
(e) The term Airport Influence Area means all property in the vicinity of an airport that is exposed to aircraft noise and overflight and that has a day-night average sound level of sixty- five decibels or higher as determined by the responsible airport or airport authority and shown on a map recorded in each county having property within the Airport Influence Area.
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From page 60... ...
(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.
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From page 61... ...
When residential real property is offered for sale or otherwise transferred, a seller or other transferor shall disclose to a buyer whether the property is located within the boundaries: (1) of an airport Noise Exposure Map or an Airport Influence Area or (2)
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From page 62... ...
, 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 63... ...
acknowledge receipt of the foregoing Airport Disclosure Statement: ____________ Date _____________________ Buyer _____________________ Buyer
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From page 64... ...
or its traffic pattern, including the runways and landing and departure flight paths as shown on a map published by the Federal Aviation Administration or the [Name of Airport or Airport Authority] and the actual radar flight paths used by landing and departing aircraft.
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From page 65... ...
If residential real property has been transferred to a buyer prior to a seller's disclosure of an airport, as defined in Section 2, the buyer may bring an action within one year of the final settlement on the real property to rescind the purchase and the transfer of title to the buyer and to recover any actual damages directly and proximately caused by the seller's failure to disclose an airport as required by this Act.
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From page 66... ...
The requirements of this Act may not be waived, orally or in writing, by a buyer of residential real property subject to this Act.
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