Related Attorney: Damon M. Juha
Deferral of AB 1103 Reporting Requirements
AB 1103, which initially was to go into effect as of January 1, 2013, has been postponed until July 1, 2013.
AB 1103 will require that owners of “nonresidential buildings in California” that are selling, leasing or obtaining financing in connection with their property disclose to a prospective buyer, tenant or lender of the “entire building” certain energy efficiency information, including a Disclosure Summary Sheet, Statement of Energy Performance, Data Checklist and the Facility Summary as soon as practicable before the execution of the sales contract or lease or before the submittal of the loan application.
Given the postponement of the regulations, the phasing schedule initially proposed last year may be subject to change as well.
All those involved in commercial real estate dispositions, leases and/or financing should be aware of the disclosure requirements and should carefully consider how their purchase and sale agreements, leases and financing documents are prepared to ensure compliance with same.
For More Information
Please contact us for additional information regarding AB 1103 so that we can assist you with complying with the reporting requirements and ensuring your documents properly address same. Freeman, Freeman & Smiley, LLP’s real estate practice encompasses all aspects of transactional real estate, including purchase and sale agreements, commercial leasing, finance and joint ventures.
This newsletter is made available for educational purposes and to provide general information on current legal topics, not to provide specific legal advice. The publication of this newsletter does not create any attorney client relationship, and this newsletter should not be used as a substitute for competent legal advice from a licensed professional attorney.