Can residential property owners selling their property transfer responsibility of any necessary improvements to the buyer?
The new ordinance has additional language to clarify that a seller can transfer responsibility for compliance with the water conservation measures to a buyer of a residential property if 1% of the purchase price is held in escrow for the purpose of paying for the water conservation measures within 180 days of the property sale. After a certificate of completion for the required retrofits is filed with the Department of Building Inspection, the remaining balance of the escrow account is released to the seller.
Related Questions
- If there are multiple residential owners of a residential property, can each residential owner take advantage of the Residential Energy Efficiency Rebate Program for that residential property?
- Can residential property owners selling their property transfer responsibility of any necessary improvements to the buyer?
- Is permission of the Reserve Bank of India necessary for selling residential/commercial property?
