Bill > SB315

This bill establishes comprehensive disclosure requirements for property owners' associations (POAs) during lot sales in Georgia, mandating that sellers provide prospective buyers with a detailed disclosure summary and several key documents before finalizing a sale. The disclosure summary must inform potential buyers about their obligations, including mandatory association membership, potential assessments and fees, possible liens, and the declarant's rights to amend restrictive covenants. The bill requires sellers to provide documents such as the association's declaration, articles of incorporation, bylaws, management contracts, operating budgets, facility lease agreements, and a statement about the declarant's commitments to future development. Buyers are granted specific protections, including the right to void a contract within three days of receiving the disclosure summary or seven days after receiving required documents, and the ability to sue for damages if they rely on false or misleading information. The bill also imposes a $1,000 fine for willful violations and allows the recovery of attorney's fees in related legal actions. These provisions aim to increase transparency and protect potential property owners by ensuring they have complete information about the property and association before purchasing. The law will take effect on July 1, 2025, and will apply to all lot sales on or after that date.

Business and Industry

https://www.legis.ga.gov/legislation/71034