Airport Noise Disclosure
AB2776 In response to growing concerns over the impact that airport
activities
can have on homeowners, California has enacted legislation, effective
on January
1, 2004, designed to alert potential purchasers to neighboring airport
influence
areas.
The disclosure of these
areas will occur in several ways. First, a subdivider
applying for a public report will have to include in his or her notice
of intention
a specific notice disclosing that the property is within an airport
influence area.
Similarly, common
interest development declarations recorded after January 1,
2004 must include this same notice. Finally, disclosure companies and
other
experts who prepare natural hazard disclosures will be required to
include the
notice in their reports, and such reports will be deemed "substituted
disclosures"
in compliance with the Real Estate Transfer Disclosure Statement law.
Except for a revised
introductory paragraph in the Transfer Disclosure Statement
that refers to the change in NHD reports, AB 2776 will create no new
disclosure
requirements directly impacting REALTORS®. Again, AB 2776 does
not become
operative until January 1, 2004.
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