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House Bill 1048

House Bill 1048

ARCHIVE (2010)

Latest Information

DIGEST OF HB1048 (Updated February 2, 2010 9:58 pm - DI 84)

Property tax deductions for contract purchasers. With respect to a contract for the purchase of a single family dwelling that is not prepared by an attorney or a licensed real estate broker or salesperson, provides that the contract is valid only if: (1) the contract is notarized; and (2) if the contract is for a term of at least three years, the contract is recorded in the county in which the dwelling is located. Provides that the notary public who notarizes the contract must provide to the contract purchaser a form that: (1) is prescribed by the department of local government finance; (2) is made available to notaries public, certain county officials, and the public in an electronic format; and (3) describes the availability of certain property tax deductions. Provides that a notary is not liable for the content of the form or for failing to provide the form. Provides that the requirements that: (1) a contract for the purchase of a single family dwelling must be notarized and, in certain circumstances, recorded; and (2) the notary public notarizing the contract must provide the contract purchaser with the form concerning property tax benefits; do not apply to a contract between an initial home buyer and a builder for the construction of a new home. Provides the same exemption for a contract in which an individual purchases a new manufactured home or new mobile home: (1) for use as a residence that the individual will occupy as the first occupant; and (2) directly from the manufacturer, the manufacturer's agent, a dealer, or a seller that did not previously purchase the manufactured home or mobile home in a retail transaction.
Current Status:
In Committee - 2nd House
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