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District of Columbia Acuerdo o Contrato de Escritura de Venta y Compra...
Purchase Agreement For Estate - District of Columbia Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
State:
District of Columbia
Control #:
DC-00470
Format:
Word
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Description Acuerdo Raíces K
Forma de contrato de escritura. - Distrito de Columbia
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
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Contrato K Ejecución Related forms
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Acuerdo Venta Ejecución Other Form Names
Contrato Venta
Contrato Escritura K
Comprador Pago Contrato
Escritura Raíces Terreno
Contrato Venta Compra Hacer
Raíces Terreno Ejecución
Vendedor Tasa Acuerdo
Acuerdo Contrato Terreno FAQ
Writing a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?
The simple purchase agreement template serves to protect the buyer and seller. It is a form that documents an agreement so that each party ensures fair treatment during the transaction. The document template allows for the ease in creation of a complex document.
However, there are some basic items that should be included in every purchase agreement.Buyer and seller information.Property details.Pricing and financing.Fixtures and appliances included/excluded in the sale.Closing and possession dates.Earnest money deposit amount.Closing costs and who is responsible for paying.More items...?
How to Write a Business Purchase Agreement?Step 1 Parties and Business Information. A business purchase agreement should detail the names of the buyer and seller at the start of the agreement.Step 2 Business Assets.Step 3 Business Liabilities.Step 4 Purchase Price.Step 6 Signatures.
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Propiedad Pago Contrato Interesting Questions
A purchase agreement for an estate in District of Columbia is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and a seller.
A purchase agreement should include details about the property, purchase price, payment terms, contingencies, closing date, and any other relevant provisions agreed upon by both parties.
Contingencies are conditions that must be met for the purchase agreement to remain valid. Examples include home inspections, financing approval, and appraisal results.
The District of Columbia law governs real estate transactions and imposes certain requirements on purchase agreements. It's crucial to ensure compliance with local laws when drafting or signing a purchase agreement.
If one party fails to fulfill their obligations as stated in the purchase agreement, it can result in legal consequences. The non-breaching party may seek remedies such as monetary damages or specific performance through the court system.
Negotiating the terms of a purchase agreement involves discussions between the buyer and seller. It's important to communicate openly, seek legal advice if necessary, and ensure that the final agreement reflects the interests and concerns of both parties.
It is highly advisable to involve an attorney in the purchase agreement process, especially in complex real estate transactions. An attorney can provide legal expertise, review the agreement, and protect your rights and interests throughout the transaction.
Earnest money is a deposit made by the buyer to demonstrate their serious intent to purchase the property. It is typically held in escrow and applied towards the purchase price at closing.
Yes, a purchase agreement can be canceled if both parties mutually agree to terminate it or if certain contingencies are not met within the specified timeframe. Consult legal advice to understand the specific conditions for cancellation.
The timeline for closing a real estate transaction in the District of Columbia can vary depending on various factors. Typically, it takes around 30-45 days from the date of signing the purchase agreement to the closing day.
More info
The amount of the seller assist depends on the full purchase price of the property. 3. Who Pays Specific Closing Costs.This instrument constitutes the entire agreement between the Seller and the Buyer, and there are no other terms, conditions, promises, understandings,. OverviewWritten and SignedPurchase Contract ComponentsContingencies1 of 4For instance, the buyer might say they wouldn't be able to complete the purchase until they have first sold their own home. "Settlement" shall occur only when all of the following have been completed: (a) Buyer and Seller have signed. Acceptance of the contract of sale . . . , to the prospective Buyer of the property a completed copy of the report . . . The name of the escrow company, if the buyer is not paying in full. The statute of frauds applies to contracts for the sale of real estate. Complete the sale of the Property including, but not limited to, the deposit, the down payment, closing costs, pre-.
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Law summary
Acuerdo o Contrato de Escritura de Venta y Compra de Bienes Raíces a/k/a Terreno o Contrato de Ejecución
District of Columbia Statutes
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1301. Applicability and exceptions.
(a)(1)The provisions of this chapter shall apply only to the transfer or sale of real estate located in the District of Columbia consisting of not less than one nor more than 4 residential dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, or any other option to purchase.(2)This chapter shall apply only where the purchaser expresses, in writing, an intent to reside in the property to be transferred.
(b)The provisions of this chapter shall not apply to any of the following:
(1)Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance;
(2)Transfers to a mortgagee by a mortgagor or successor in interest who is in default, or transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default;
(3)Transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a mortgage or deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or has acquired the real property by a deed in lieu of foreclosure;
(4)Transfers by a nonoccupant fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(5)Transfers from one cotenant to one or more other co-tenants;
(6)Transfers made to the transferor's spouse, domestic partner, parent, grandparent, child, grandchild or sibling or any combination of the foregoing;
(7)Transfers between spouses or domestic partners resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment;
(8)Transfers or exchanges to or from any governmental entity; and
(9)Transfers made by a person of newly constructed residential property that has not been inhabited.
(c)For the purposes of this section, the term domestic partner shall have the same meaning as provided in 32-701(3).
History
(Apr. 20, 1999, D.C. Law 12-263, 2, 46 DCR 2111; Sept. 12, 2008, D.C. Law 17-231, 35, 55 DCR 6758.)
Section References
This section is referenced in 42-1302.
Prior Codifications
1981 Ed., 45-951.
Effect of Amendments
D.C. Law 17-231, in subsec. (b)(6), substituted spouse, domestic partner for spouse; in subsec. (b)(7), substituted spouses or domestic partners for spouses; and added subsec. (c).
Legislative History of Law 12-263
Law 12-263, the Residential Real Property Seller Disclosure, Funeral Services Date Change, and Public Service Commission Independent Procurement Authority Act of 1998, was introduced in Council and assigned Bill No. 12-648, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first, amended first and second readings on October 6 1998, November 10, 1998, and December 1, 1998, respectively. Bill 12-648 was vetoed by the Mayor on December 29, 1998, and the Council overrode the veto on January 5, 1999, whereupon the Bill was assigned Act No. 12-625 and transmitted to both Houses of Congress for its review. D.C. Law 12-263 became effective on April 20, 1999.
Legislative History of Law 17-231
For Law 17-231, see notes following 42-516.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1302. Written statement; written indication of compliance.
(a)The transferor of any real property described in 42-1301(a) shall deliver to the prospective transferee a real property disclosure statement on a form to be approved by the Mayor. The written statement shall be signed by the transferor and shall be delivered to the prospective transferee within the following time limits:
(1)In the case of a sale, before or at the time the prospective transferee executes a purchase agreement with the transferor; or
(2)In the case of a sale by an installment sales contract where a binding purchase agreement has not been executed, or in the case of a lease together with an option to purchase, before or at the time the prospective transferee executes the installment sales contract, or lease, as the case may be, with the transferor.
(b)With respect to any transfer subject to subsection (a) of this section, the transferor shall indicate compliance with this chapter either on the purchase agreement, the installment sales contract, the lease with an option to purchase, or any addendum attached to the purchase agreement, contract, or lease with an option to purchase, or on a separate document.
(c)Except as provided in subsection (d) of this section, if any disclosure required to be made by this chapter is delivered after the prospective transferee executes a purchase agreement, installment sales contract, or lease with an option to purchase, the prospective transferee may terminate any of the foregoing by delivering written notice of termination to the transferor not later than 5 calendar days after receipt of the disclosure statement by the prospective transferee, and any deposits made by the transferee to the transferor shall be promptly returned to the transferee.
(d)Notwithstanding the provisions of subsection (c) of this section, the right of a transferee to terminate is waived if not exercised before the earliest of:
(1)The making of a written application to a lender for a mortgage loan or financing, provided that the lender discloses in writing at or before the time application is made that the right to rescind terminates on submission of the application;
(2)Settlement or the date of occupancy by the purchaser in the event of a sale; or
(3)Occupancy in the event of a lease with option to purchase.
History
(Apr. 20, 1999, D.C. Law 12-263, 3, 46 DCR 2111.)
Section References
This section is referenced in 42-1308.
Prior Codifications
1981 Ed., 45-952.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
Delegation of Authority
Delegation of authority under D.C. Act 12-625, the Residential Real Property Seller Disclosure, Funeral Services Date Change, and Public Service Commission Independent Procurement Authority Act of 1998, see Mayor's Order 99-82, May 21, 1999 (46 DCR 5439).
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1303. Scope of liability; information prepared by third party.
(a)The transferor is not liable for any error, inaccuracy, or omission in any information delivered pursuant to this chapter if the error, inaccuracy, or omission was not within the actual personal knowledge of ththe transferor, or was based entirely on information provided by public agencies or provided by other persons specified in subsection (c) of this section and ordinary care was exercised in transmitting the information. It is not a violation of this chapter if the transferor fails to disclose information that could be obtained only through inspection or observation of inaccessible portions of real estate or could be discovered only by a person with expertise in a science or trade beyond the knowledge of the transferor.
(b)The delivery to a prospective transferee of any information required by this chapter to be disclosed to a prospective transferee by a public agency or other person specified in subsection (c) of this section shall be considered to comply with the requirements of this chapter and relieves the transferor of any further duty or liability under this chapter with respect to that item of information, unless the transferor has actual personal knowledge of a known defect or condition that contradicts the information provided by the public agency or the person specified in subsection (c) of this section and knowingly fails to disclose such known defect or condition.
(c)The delivery to a prospective transferee of a report or opinion prepared by a licensed professional engineer, professional surveyor, home inspector, geologist, structural pest control operator, contractor, or other expert, dealing with matters within the scope of the professional’s license or expertise, is sufficient compliance for application of the exemption provided in subsection (a) of this section if the information is provided upon the request of the prospective transferee (provided that nothing in this chapter shall be construed as imposing on the transferor any obligation to comply with the request), unless the transferor has actual personal knowledge of a known defect or condition that contradicts the information contained in the report or opinion and knowingly fails to disclose the known defect or condition. In responding to a request by a prospective transferee, an expert may indicate, in writing, an understanding that the information provided will be used in fulfilling the requirements of 42-1305 and, if so, shall indicate the required disclosures, or parts of disclosures, to which the information being furnished applies. In furnishing the statement, the expert is not responsible for any items of information other than those expressly set forth in the statement.
History
(Apr. 20, 1999, D.C. Law 12-263, 4, 46 DCR 2111.)
Section References
This section is referenced in 42-1307.
Prior Codifications
1981 Ed., 45-953.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1304. Change in conditions after delivery.
If information disclosed in accordance with this chapter becomes inaccurate as a result of any action, occurrence, or agreement after the delivery of the required disclosures, the resulting inaccuracy does not constitute a violation of this chapter. If at the time the disclosures are required to be made, an item of information required to be disclosed under this chapter is unknown or unavailable to the transferor, the transferor may comply with this chapter by advising a prospective purchaser of the fact that the information is unknown. The information provided to a prospective purchaser pursuant to this chapter shall be based upon the information available and actually known to the transferor.
(Apr. 20, 1999, D.C. Law 12-263, 5, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-954.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1305. Residential disclosure requirements.
The residential real property disclosure statement approved by the Mayor shall contain the following:
(1)A list of actually known defects or information concerning the following:
(A)Water and sewer systems;
(B)Insulation;
(C)Structural systems, including roof, walls, floors, foundation, and basement;
(D)Plumbing, electrical, heating, and air conditioning systems;
(E)History of infestation by rodents or wood-boring insects, if any;
(F)Appliances;
(G)Alarm system and intercom system; and
(H)Garage door opener and remote control; and
(I)Fixtures; and
(2)Any other information required by the Mayor to be published by rulemaking, provided that nothing in this chapter or in any rules shall be deemed to modify or amend 42-1755(f) [repealed].
History
(Apr. 20, 1999, D.C. Law 12-263, 6, 46 DCR 2111.)
Section References
This section is referenced in 42-1303.
Prior Codifications
1981 Ed., 45-955.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1306. Good faith disclosure.
Each disclosure required by this chapter shall be made in good faith. For the purposes of this chapter, “good faith” means honesty in fact in the making of the disclosure.
(Apr. 20, 1999, D.C. Law 12-263, 7, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-956.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1307. Scope of disclosure.
The specification of items for disclosure in this chapter does not limit or abridge any obligation for disclosure created by any other provision of statutory law regarding fraud, misrepresentation, or deceit in transfer transactions. If the transferor provides to the prospective transferee the residential real property disclosure statement required by this chapter (or the other information described 42-1303(b) or (c)), any licensed agent of the transferor shall be deemed to have complied with the licensee’s obligations under 42-1703 to disclose to a customer material adverse facts concerning the physical condition of the property.
History
(Apr. 20, 1999, D.C. Law 12-263, 8, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-957.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1308. Amendment of disclosure.
Any disclosure made pursuant to this chapter may be amended in writing by the transferor, but the amendment is subject to the requirements of 42-1302.
History
(Apr. 20, 1999, D.C. Law 12-263, 9, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-958.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1309. Method of delivery.
Delivery of a disclosure statement required by this chapter shall be by personal delivery, facsimile delivery, or by registered mail to the prospective transferee. Execution by the transferor of a facsimile counterpart of the disclosure statement shall be considered to be execution of the original.
History
(Apr. 20, 1999, D.C. Law 12-263, 10, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-959.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1310. Failure to comply.
A transfer subject to this chapter shall not be invalidated solely because of the failure of any person to comply with any provisions of this chapter.
History
(Apr. 20, 1999, D.C. Law 12-263, 11, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-960.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1311. Duty imposed on transferor only.
The duty to comply with this chapter is imposed on a transferor, and not on any real estate agent or real estate broker of a transferor. A real estate agent or real estate broker of a transferor shall not be liable for any error, inaccuracy or omission in any information delivered to any prospective transferee, or for any failure of a transferor to deliver any information or a real property disclosure statement to the prospective transferee, or for any violation of this chapter by a transferor, unless such real estate agent or real estate broker knowingly acts in concert with such transferor to commit fraud.
History
(Apr. 20, 1999, D.C. Law 12-263, 12, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-961.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
District of Columbia Case Law
Williams v. Dudley Trust Foundation, 675 A.2d 45 (D.C. 1996); While the purchaser under an installment land contract is entitled to immediate possession of the property, title is retained by the seller, usually until the full purchase price has been paid. The purchase price is paid in installments. The purchaser usually assumes responsibility for property upkeep, payment of taxes and insurance. Typically such contracts contain a forfeiture or default provision under which the seller may regain possession of the property and keep all monies paid to the date of default. The purchaser is regarded as the equitable owner of the property.
Legal definition
Acuerdo o Contrato de Escritura de Venta y Compra de Bienes Raíces a/k/a Terreno o Contrato de Ejecución
District of Columbia Statutes
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1301. Applicability and exceptions.
(a)(1)The provisions of this chapter shall apply only to the transfer or sale of real estate located in the District of Columbia consisting of not less than one nor more than 4 residential dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, or any other option to purchase.(2)This chapter shall apply only where the purchaser expresses, in writing, an intent to reside in the property to be transferred.
(b)The provisions of this chapter shall not apply to any of the following:
(1)Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance;
(2)Transfers to a mortgagee by a mortgagor or successor in interest who is in default, or transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default;
(3)Transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a mortgage or deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or has acquired the real property by a deed in lieu of foreclosure;
(4)Transfers by a nonoccupant fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(5)Transfers from one cotenant to one or more other co-tenants;
(6)Transfers made to the transferor's spouse, domestic partner, parent, grandparent, child, grandchild or sibling or any combination of the foregoing;
(7)Transfers between spouses or domestic partners resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment;
(8)Transfers or exchanges to or from any governmental entity; and
(9)Transfers made by a person of newly constructed residential property that has not been inhabited.
(c)For the purposes of this section, the term domestic partner shall have the same meaning as provided in 32-701(3).
History
(Apr. 20, 1999, D.C. Law 12-263, 2, 46 DCR 2111; Sept. 12, 2008, D.C. Law 17-231, 35, 55 DCR 6758.)
Section References
This section is referenced in 42-1302.
Prior Codifications
1981 Ed., 45-951.
Effect of Amendments
D.C. Law 17-231, in subsec. (b)(6), substituted spouse, domestic partner for spouse; in subsec. (b)(7), substituted spouses or domestic partners for spouses; and added subsec. (c).
Legislative History of Law 12-263
Law 12-263, the Residential Real Property Seller Disclosure, Funeral Services Date Change, and Public Service Commission Independent Procurement Authority Act of 1998, was introduced in Council and assigned Bill No. 12-648, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first, amended first and second readings on October 6 1998, November 10, 1998, and December 1, 1998, respectively. Bill 12-648 was vetoed by the Mayor on December 29, 1998, and the Council overrode the veto on January 5, 1999, whereupon the Bill was assigned Act No. 12-625 and transmitted to both Houses of Congress for its review. D.C. Law 12-263 became effective on April 20, 1999.
Legislative History of Law 17-231
For Law 17-231, see notes following 42-516.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1302. Written statement; written indication of compliance.
(a)The transferor of any real property described in 42-1301(a) shall deliver to the prospective transferee a real property disclosure statement on a form to be approved by the Mayor. The written statement shall be signed by the transferor and shall be delivered to the prospective transferee within the following time limits:
(1)In the case of a sale, before or at the time the prospective transferee executes a purchase agreement with the transferor; or
(2)In the case of a sale by an installment sales contract where a binding purchase agreement has not been executed, or in the case of a lease together with an option to purchase, before or at the time the prospective transferee executes the installment sales contract, or lease, as the case may be, with the transferor.
(b)With respect to any transfer subject to subsection (a) of this section, the transferor shall indicate compliance with this chapter either on the purchase agreement, the installment sales contract, the lease with an option to purchase, or any addendum attached to the purchase agreement, contract, or lease with an option to purchase, or on a separate document.
(c)Except as provided in subsection (d) of this section, if any disclosure required to be made by this chapter is delivered after the prospective transferee executes a purchase agreement, installment sales contract, or lease with an option to purchase, the prospective transferee may terminate any of the foregoing by delivering written notice of termination to the transferor not later than 5 calendar days after receipt of the disclosure statement by the prospective transferee, and any deposits made by the transferee to the transferor shall be promptly returned to the transferee.
(d)Notwithstanding the provisions of subsection (c) of this section, the right of a transferee to terminate is waived if not exercised before the earliest of:
(1)The making of a written application to a lender for a mortgage loan or financing, provided that the lender discloses in writing at or before the time application is made that the right to rescind terminates on submission of the application;
(2)Settlement or the date of occupancy by the purchaser in the event of a sale; or
(3)Occupancy in the event of a lease with option to purchase.
History
(Apr. 20, 1999, D.C. Law 12-263, 3, 46 DCR 2111.)
Section References
This section is referenced in 42-1308.
Prior Codifications
1981 Ed., 45-952.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
Delegation of Authority
Delegation of authority under D.C. Act 12-625, the Residential Real Property Seller Disclosure, Funeral Services Date Change, and Public Service Commission Independent Procurement Authority Act of 1998, see Mayor's Order 99-82, May 21, 1999 (46 DCR 5439).
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1303. Scope of liability; information prepared by third party.
(a)The transferor is not liable for any error, inaccuracy, or omission in any information delivered pursuant to this chapter if the error, inaccuracy, or omission was not within the actual personal knowledge of ththe transferor, or was based entirely on information provided by public agencies or provided by other persons specified in subsection (c) of this section and ordinary care was exercised in transmitting the information. It is not a violation of this chapter if the transferor fails to disclose information that could be obtained only through inspection or observation of inaccessible portions of real estate or could be discovered only by a person with expertise in a science or trade beyond the knowledge of the transferor.
(b)The delivery to a prospective transferee of any information required by this chapter to be disclosed to a prospective transferee by a public agency or other person specified in subsection (c) of this section shall be considered to comply with the requirements of this chapter and relieves the transferor of any further duty or liability under this chapter with respect to that item of information, unless the transferor has actual personal knowledge of a known defect or condition that contradicts the information provided by the public agency or the person specified in subsection (c) of this section and knowingly fails to disclose such known defect or condition.
(c)The delivery to a prospective transferee of a report or opinion prepared by a licensed professional engineer, professional surveyor, home inspector, geologist, structural pest control operator, contractor, or other expert, dealing with matters within the scope of the professional’s license or expertise, is sufficient compliance for application of the exemption provided in subsection (a) of this section if the information is provided upon the request of the prospective transferee (provided that nothing in this chapter shall be construed as imposing on the transferor any obligation to comply with the request), unless the transferor has actual personal knowledge of a known defect or condition that contradicts the information contained in the report or opinion and knowingly fails to disclose the known defect or condition. In responding to a request by a prospective transferee, an expert may indicate, in writing, an understanding that the information provided will be used in fulfilling the requirements of 42-1305 and, if so, shall indicate the required disclosures, or parts of disclosures, to which the information being furnished applies. In furnishing the statement, the expert is not responsible for any items of information other than those expressly set forth in the statement.
History
(Apr. 20, 1999, D.C. Law 12-263, 4, 46 DCR 2111.)
Section References
This section is referenced in 42-1307.
Prior Codifications
1981 Ed., 45-953.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1304. Change in conditions after delivery.
If information disclosed in accordance with this chapter becomes inaccurate as a result of any action, occurrence, or agreement after the delivery of the required disclosures, the resulting inaccuracy does not constitute a violation of this chapter. If at the time the disclosures are required to be made, an item of information required to be disclosed under this chapter is unknown or unavailable to the transferor, the transferor may comply with this chapter by advising a prospective purchaser of the fact that the information is unknown. The information provided to a prospective purchaser pursuant to this chapter shall be based upon the information available and actually known to the transferor.
(Apr. 20, 1999, D.C. Law 12-263, 5, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-954.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1305. Residential disclosure requirements.
The residential real property disclosure statement approved by the Mayor shall contain the following:
(1)A list of actually known defects or information concerning the following:
(A)Water and sewer systems;
(B)Insulation;
(C)Structural systems, including roof, walls, floors, foundation, and basement;
(D)Plumbing, electrical, heating, and air conditioning systems;
(E)History of infestation by rodents or wood-boring insects, if any;
(F)Appliances;
(G)Alarm system and intercom system; and
(H)Garage door opener and remote control; and
(I)Fixtures; and
(2)Any other information required by the Mayor to be published by rulemaking, provided that nothing in this chapter or in any rules shall be deemed to modify or amend 42-1755(f) [repealed].
History
(Apr. 20, 1999, D.C. Law 12-263, 6, 46 DCR 2111.)
Section References
This section is referenced in 42-1303.
Prior Codifications
1981 Ed., 45-955.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1306. Good faith disclosure.
Each disclosure required by this chapter shall be made in good faith. For the purposes of this chapter, “good faith” means honesty in fact in the making of the disclosure.
(Apr. 20, 1999, D.C. Law 12-263, 7, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-956.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1307. Scope of disclosure.
The specification of items for disclosure in this chapter does not limit or abridge any obligation for disclosure created by any other provision of statutory law regarding fraud, misrepresentation, or deceit in transfer transactions. If the transferor provides to the prospective transferee the residential real property disclosure statement required by this chapter (or the other information described 42-1303(b) or (c)), any licensed agent of the transferor shall be deemed to have complied with the licensee’s obligations under 42-1703 to disclose to a customer material adverse facts concerning the physical condition of the property.
History
(Apr. 20, 1999, D.C. Law 12-263, 8, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-957.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1308. Amendment of disclosure.
Any disclosure made pursuant to this chapter may be amended in writing by the transferor, but the amendment is subject to the requirements of 42-1302.
History
(Apr. 20, 1999, D.C. Law 12-263, 9, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-958.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1309. Method of delivery.
Delivery of a disclosure statement required by this chapter shall be by personal delivery, facsimile delivery, or by registered mail to the prospective transferee. Execution by the transferor of a facsimile counterpart of the disclosure statement shall be considered to be execution of the original.
History
(Apr. 20, 1999, D.C. Law 12-263, 10, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-959.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1310. Failure to comply.
A transfer subject to this chapter shall not be invalidated solely because of the failure of any person to comply with any provisions of this chapter.
History
(Apr. 20, 1999, D.C. Law 12-263, 11, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-960.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
DIVISION VII PROPERTY.
TITLE 42 REAL PROPERTY
SUBTITLE I GENERAL
CHAPTER 13 RESIDENTIAL REAL PROPERTY SELLER DISCLOSURES.
42-1311. Duty imposed on transferor only.
The duty to comply with this chapter is imposed on a transferor, and not on any real estate agent or real estate broker of a transferor. A real estate agent or real estate broker of a transferor shall not be liable for any error, inaccuracy or omission in any information delivered to any prospective transferee, or for any failure of a transferor to deliver any information or a real property disclosure statement to the prospective transferee, or for any violation of this chapter by a transferor, unless such real estate agent or real estate broker knowingly acts in concert with such transferor to commit fraud.
History
(Apr. 20, 1999, D.C. Law 12-263, 12, 46 DCR 2111.)
Prior Codifications
1981 Ed., 45-961.
Legislative History of Law 12-263
For legislative history of D.C. Law 12-263, see Historical and Statutory Notes following 42-1301.
District of Columbia Case Law
Williams v. Dudley Trust Foundation, 675 A.2d 45 (D.C. 1996); While the purchaser under an installment land contract is entitled to immediate possession of the property, title is retained by the seller, usually until the full purchase price has been paid. The purchase price is paid in installments. The purchaser usually assumes responsibility for property upkeep, payment of taxes and insurance. Typically such contracts contain a forfeiture or default provision under which the seller may regain possession of the property and keep all monies paid to the date of default. The purchaser is regarded as the equitable owner of the property.
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