Under the Montana Seller Disclosure Act, which of the following transactions is NOT typically exempt from the requirement to provide a written seller disclosure statement?
Correct Answer
D) A sale of a newly constructed home being sold for the first time by a licensed builder
A sale of a newly constructed home by a licensed builder to the first buyer is NOT exempt from the Montana seller disclosure requirements in the way the other listed transactions may be. While Montana law provides certain exemptions for transactions where the seller has no personal knowledge of the property (such as foreclosures, estate sales, and transfers between spouses), a builder selling a newly constructed home is expected to have full knowledge of the property's condition and construction. This transaction is subject to disclosure obligations, making it the answer that does NOT qualify for exemption.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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