If a licensee sells or offers to sell residential property, constructed by the licensee, which is
or has been occupied by the licensee, the licensee must, prior to entering into a binding purchase
agreement, provide to the buyer a written disclosure which states that any claims that arise as a
result of the licensee's construction of the property: (1) will not be covered under the statutory
warranty established by chapter 327A, and (2) if the licensee has occupied the residential property
for one year or more, will not be eligible for reimbursement from the contractor's recovery fund.
History: 1993 c 245 s 33