New Disclosure Requirements

New disclosure requirements coming up for PID’s webinars coming up on it, and we’re going to share all that information with you. Shana Acquisto. She knows what she’s talking about. She’s a luxury real estate broker. And she’s going to tell us just a little bit more about PED’s and how we can all get some more information on it and be a little bit more educated.

Yes. So the public improvement district, you know, there’s been some changes and now the kids are going to have to be recorded with track. And we’re required to disclose this as a seller to the buyer, and this disclosure should be given before you execute a contract prior to executing our contract. This needs to be given and signed.

So I just want to make sure you guys are aware of that. It’s think of it as kind of like the lead based paint disclosure that has to be given prior to executing a contract or it’s another out for them to terminate the contract. They can sue for damages all the same, all the same things.

So we will show this off here. Yeah. So there’s a webinar coming up and Stacey had shared this with us.

Uh, here it is, and I’ll give you guys each that link that’ll be in the description for you guys.

Yeah. So there this is. A webinar to talk about it, you can register and ads on the 20th, August 20th from two to three p.m., so it’s one hour, but I think it’d be really good to just hear it and and start to process how all this is going to play out, because these are new changes that are coming out effective on the first.

Yes. So how it’s going to work is there’s going to be a change in the contract and the one to four family contract, I think the commercial contract, all the contracts are going to have this change. And additionally, there’s going to be a new addendum for the PED’s.

So there is a draft version. They’re not they’re not finalized yet. But we do have a draft version and we’re just going to show you where to find that information. So on the one to four family, if you scroll down, Omkar, to. There’s six. Yeah, keep going. You’ll see it in red.

Got it highlighted in red for us.

So it talks about public improvement districts, if the public if the property is in a public improvement district seller must give buyer written notice as required by the property code, an addendum containing the required notice shall also or shall be attached to the contract.

So it got rid of all the other verbiage there and made it pretty simple. Hey, got to give the buyer a written notice. There is an addendum. So as soon as these become available, they will be in your zip forms and we will eliminate the prior contract. So that will be updated.

So that’s how it is in the wonderful family. And now we’re going to show you the new addendum that is proposed for the the notice. So this is what it looks like as the purchaser of real property described, you are obligated to pay assessment’s to, so you’re given this information very clear about it to your to your buyers. And you’ve got to make sure here’s the problem.

All of this is going to be. As of September 1st, we are required to disclose this this way. The problem I see is because there’s going to be a lag in the PED’s actually recording this information, then we may not have that on the website because they are required to record this with track, but at their next renewal.

So they are not required to have this in Piotrek on September 1st. So you see the problem. So what you’re going to want to do is you’re going to have to check the counties, check the city and make sure that you have asked the questions of the seller and, you know.

If this is in a pit or not, so you’re going to have to do some research and dig and make sure that you find out. So if anything is executed after September 1st, this new contract will be used and the addendum will have to be used as well. That makes sense.

Very good, your super impressive I have a question real quick for everybody. So we’re going to put up a quick poll with all the information that Shawna has on the contracts and how far advanced she is and the information she presents to us all the time.

You’re a super contract nerd. So what I would like to ask a quick question of who’s a bigger nerd on which subject is Shana a bigger nerd on contracts, or is Mike a bigger tech nerd? So, yeah, all day long. So we’re going to put that poll up and you guys get a chance to respond there. But what you know of the contracts is super impressive. And I’m very impressed.

And we’ve been doing this a long time. And it’s possibly like dissect this thing all the time.

So it’s possibly out of order on how they’re doing things. And this feels to me like they’re rushing it. It’s important, but it feels rushed and not really ready and fully baked for us to come out based on what I’m looking at, recommendation, period.

But, you know, the important thing is it’s another app for your buyer and you’re going to have to do some research as it may not be available on the track website.

So so speaking of ramping up, we’re going to have that as an item that we’ll discuss in the wrap. So we’ll talk about ramping up in and that there. I’ll give you my personal story on that one. And I have a question for you. So if I have a listing right now that is active and it’s going to go, if I feel it’s going to be active as of the first or the contracts are going to be under it, not closed, but under contract between now and the first.

Right. There’s all different stages. Do I have to go to the seller and get this notice if the property. know anything prior to September 1st? Is OK, it’s anything executed September 1st or after executed, so on track to execute survivalist inactive listing today, but then it executes on in theory, September 2nd, you need to then you go back and do it. So it’s a new contract and you will have to disclose this.

So, yes, if the I guess your one answer to your question is, if you have a listing coming up, go ahead and have this conversation, because odds you’re not going to close by September 1st. So if you’re working on a listing, know that this is this is a thing you need to understand.

If they’re if this home belongs to a pide and you need to make sure you disclose it, start doing research. Now, I can take you that long.

So any anyone that’s thinking about scheduling a media day. Yeah. Right now for any media days from here forward, you should all have this conversation, should be ready with this document, because most likely it’s going to be applicable for any new.

Yes. And you can pull up tax records. It’s not going to be shown there. You guys are going to have to find it from the city. I believe if you go to the city, they have a they have a tab or something on their Web sites where you can find the PED’s. Ok, so a lot of information, thank you for sharing all that with us.

Episode Links

Omkar , Mike , Shana , Stacey , luxury real estate broker , New disclosure requirements , Acquisto Real Estate, TNT

Episode Recorded Live on YouTube 8.17.21

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