§ 8106 — Disclosure

(a) General rule.--A contract for the sale of real property subject to a private transfer fee obligation shall include a provision disclosing the existence of that obligation, a description of the obligation and a statement that private transfer fee obligations are subject to certain restrictions under this chapter. A contract for the sale of real property that does not conform to the requirements of this section shall not be enforceable by the seller against the buyer, nor shall the buyer be liable to the seller for damages under the contract. For purposes of this section, "buyer" shall include all subsequent buyers and "seller" shall include payees. The buyer under a contract that fails to comply with this section shall be entitled to the return of all deposits made in connection with the sale of the real property.

(b) Recovery upon failure to disclose.--Where a private transfer fee obligation is not disclosed under subsection (a) and a buyer subsequently discovers the existence of the private transfer fee obligation after title to the property has passed to the buyer, the buyer may be awarded:

(1) the damages resulting from the failure to disclose the private transfer fee obligation, including, but not limited to, the amount of any private transfer fee paid by the buyer, or the difference between:

(i) the market value of the real property if it were not subject to a private transfer fee obligation; and

(ii) the market value of the real property as subject to a private transfer fee obligation; and

(2) the attorney fees, expenses and costs incurred by the buyer in seeking the buyer's remedies under this subsection.

(c) Waiver.--A provision in a contract for sale of real property that purports to waive the rights of a buyer under this section shall be void.

Legislative History

Cross References.Section 8106 is referred to in section 8104 of this title.