§ 42-103. Contractual disclosures required.

Every contract for the sale of a dwelling structure by installment sale shall clearly and conspicuously disclose the following:

(1)

The price of the dwelling structure;

(2)

The amount of the periodic payment;

(3)

The amount that will be charged periodically for the first year to pay real estate taxes;

(4)

The amount that will be charged periodically for the first year to pay insurance;

(5)

A statement that the amounts listed in subsections (3) and (4) of this section are subject to change each year;

(6)

The assessed value of the property as set forth on the real estate tax bill for the year immediately prior to the sale;

(7)

The amount of real estate taxes for the year immediately prior to the sale;

(8)

Any unpaid amounts owing on prior real estate taxes;

(9)

The amount of the annual insurance payment for the year immediately prior to the sale;

(10)

The type of insurance coverage that will be required or provided;

(11)

The seller's interest in the structure being sold;

(12)

Any known liens or mortgages or other title limitations existing on the property and an explanation of the meaning of such liens, mortgages or title limitations;

(13)

The interest rate being charged, expressed as an annual percentage rate;

(14)

An explanation as to when the buyer will obtain the title; and

(15)

An explanation of the consequences of the failure of the buyer to make timely payments before the title is transferred.

(Ord. No. 94-10041, § 4, 10-19-1994)