A bill to discourage speculation in the buying and selling of certain residential structures by requiring disclosure date of purchase and the purchase price paid by the seller with respect to such residential structure.

Summary

Prohibits any person who makes a federally related mortgage loan to make a commitment to make such a loan for the purchase of a residence on which both the construction and sales transaction has been completed within less than 12 months prior to the date of such commitment, unless the seller has confirmed that disclosure of the date of his purchase and the purchase price paid by the seller with respect to such residence has been made in writing to the buyer.

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Documents

1 official file

• Introduced in House

  summary · EN · 5 August 1977

  Open at official source

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