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HF 556

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to aeronautics; clarifying disclosure requirements for transfers of real
property in certain airport safety zones; amending Minnesota Statutes 2006,
section 360.065, subdivision 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2006, section 360.065, subdivision 3, is amended to read:


Subd. 3.

Disclosure of airport zoning regulations.

new text begin (a) new text end Before accepting
consideration or signing an agreement to sell or transfer real property deleted text begin that is located
in safety zone A, B, or C, excluding safety zones associated with an airport owned or
operated by the Metropolitan Airports Commission, under zoning regulations adopted by
the governing bodydeleted text end , the seller or transferor, whether executing the agreement in the seller
or transferor's own right, or as executor, administrator, assignee, trustee, or otherwise by
authority of law, must disclose in writing to the buyer or transferee deleted text begin the existence ofdeleted text end new text begin ,
to the best of seller's knowledge, whether the property is located in an airport safety
zone A, B, or C under zoning regulations adopted by the governing body, excluding
safety zones associated with an airport owned or operated by the Metropolitan Airports
Commission and, to the best of the seller's knowledge, whether the property is subject tonew text end
airport zoning regulations deleted text begin that affect the real propertydeleted text end new text begin adopted by the governing body,
excluding safety zones associated with an airport owned or operated by the Metropolitan
Airports Commissionnew text end .

new text begin (b) Unless the buyer or transferee and seller or transferor agree to the contrary in
writing before the closing of the sale, a seller or transferor who fails to disclose, to the best
of their knowledge, at the time of sale that the property is located in airport safety zones
A, B, or C or is subject to airport zoning regulations adopted by the governing body, and
who knew or had reason to know the property was located in the airport safety zones A, B,
or C, or subject to airport zoning regulations, is liable to the buyer or transferee for:
 new text end

new text begin (1) costs relating to loss or limitation of use of the subject property not to exceed the
purchase price paid for the property; and
new text end

new text begin (2) reasonable attorney fees for collection of costs from the seller or transferor.
 new text end

new text begin An action under this paragraph must be commenced within one year after the date on which
the buyer or transferee closed the purchase or transferred the real property, which was
located in airport safety zones A, B, or C or subject to airport zoning regulations, or both.
new text end