Greetings RLI Members
Disclose, disclose, disclose is drummed into our heads constituently. Even though we are lovers of Land and Land transactions, I'd venture to guess that probably all of us sale a home once in a while.
Most states have a "Residential Disclosure" mandatory forms. But very few states have a "Land Disclosure" form. In my research, Arizona, California, Georgia and Tennessee currently have one.
Last December I submitted my research to our North Carolina Commercial Form Committee. In May I was asked to join the committee and we are now moving forward with a "Land Disclosure" form for our state.
It is interesting that our North Carolina "Residential Disclosure" form has 28 entries. Taking the four state forms and private forms that were collected, there are 93+ entries that pertain to Land.
http://www.landthink.com/land-buying-investing/due-diligence/93-plus-potential-land-disclosure-issues/
If your state does not have one, get involved and find the right committee that is responsible for your forms. There are a lot of liabilities that can be avoided with a comprehensive "Land Disclosure" form. If your state does have one, I would appreciate a copy to add to our research and shared with others.
If enough states adopt a comprehensive "Land Disclosure" form we may have an opportunity to pay lower Errors and Omission fees. This could be a wonderful membership benefit for RLI.
As your Vice President of RLI I will continue to identify and support the issues that can make our industry stronger and more efficient for all of us.
Online voting is accessible September 4-18, 2009, through the member - only section of the RLI website:
http://www.rliland.com/Login.aspx
Lou Jewell ALC
A Voice for Land
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