Buyer, Aware: Disclosure Of Energy Use By Calif. Properties
August 7, 2012, 1:44 PM EDT
Law360, New York (August 7, 2012, 1:44 PM EDT) -- California has instituted a new and unusual requirement that obligates virtually all nonresidential landowners to disclose a property’s past energy use to potential buyers, tenants and lenders. Any person or company owning improved property in California, other than residential property and other small-scale buildings, will be affected by these new regulations.
Under Section 25402.10 of the Public Resources Code, owners of nonresidential property will be required to disclose energy use data for the prior 12-month period, the property’s operating characteristics and the property’s “Energy Star Portfolio...