Property Disclosure- PID

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New property disclosure | PID

There is a new property disclosure that is required by sellers of properties that are in a PID. 

What is a PID?

The definition of a PID is a property that is located within a public improvement district.  It allows for the city or county to apply a special assessment against properties to pay for improvements for properties within the district.  This new property disclosure is for all real estate sales. This includes condos, commercial , new construction and improved property.  A PID notice has to include detailed information regarding the name of the PID and its location.  The name of the municipality or county is also required on the notice.  Buyers are required to sign the notice to show receipt.

Sellers supplying a PID property disclosure

Sellers providing a PID

  • Provide the PID before a Sales contract is executed
  • The disclosure can be sent as an addendum or as a separate notification
  • A separate copy must be signed by both buyer and seller upon closing
  • Each time a PID updates its service plan, the Seller may use this notice to satisfy the requirements of the statute.

Not providing the property disclosure?

A Buyer can terminate the sales contract at anytime if a PID is not available prior to closing

  1.  If a Buyer closes on a property without the PID notice,  they can sue for damages after the closing.
  2. Buyers can file a suit for damages requiring the Seller to return all purchasing costs back to the Buyer and re-conveying the property back to the Seller.
  3.  Buyers can file a suit against the Seller for damages not to exceed $5,000.00.

Shire Commercial has helped clients find suitable lease solutions since 2004. Shire Commercial does not provide legal advice regarding PID Property disclosure notifications. All Sellers and Buyers should consult a qualified commercial real estate attorney for more information.  Contact Shire Commercial!