55-518 - Exemptions.
§ 55-518. Exemptions.
A. The following are specifically excluded from the provisions of thischapter:
1. Transfers pursuant to court order including, but not limited to, transfersordered by a court in administration of an estate, transfers pursuant to awrit of execution, transfers by foreclosure sale or by a deed in lieu of aforeclosure, transfers by a trustee in bankruptcy, transfers by eminentdomain, and transfers resulting from a decree for specific performance. Also,transfers by an assignment for the benefit of creditors pursuant to Chapter 9(§ 55-156 et seq.) and transfers pursuant to escheats pursuant to Chapter 9(§ 55-156 et seq.).
2. Transfers to a beneficiary of a deed of trust pursuant to a foreclosuresale or by a deed in lieu of foreclosure, or transfers by a beneficiary undera deed of trust who has acquired the real property at a sale conductedpursuant to a foreclosure sale under a deed of trust or has acquired the realproperty by a deed in lieu of foreclosure.
3. Transfers by a fiduciary in the course of the administration of adecedent's estate, guardianship, conservatorship, or trust.
4. Transfers from one or more co-owners solely to one or more other co-owners.
5. Transfers made solely to any combination of a spouse or a person orpersons in the lineal line of consanguinity of one or more of the transferors.
6. Transfers between spouses resulting from a decree of divorce or a propertysettlement stipulation pursuant to the provisions of Title 20.
7. Transfers made by virtue of the record owner's failure to pay any federal,state, or local taxes.
8. Transfers to or from any governmental entity or public or quasi-publichousing authority or agency.
9. Transfers involving the first sale of a dwelling; provided, that thisexemption shall not apply to the disclosures required by § 55-519.1.
B. Notwithstanding the provisions of subdivision 9 of this section, thebuilder of a new dwelling shall disclose in writing to the purchaser thereofall known material defects which would constitute a violation of anyapplicable building code. In addition, for property that is located wholly orpartially in any locality comprising Planning District 15, the builder orowner, if the builder is not the owner of the property, shall disclose inwriting whether the builder or owner has any knowledge of (i) whether miningoperations have previously been conducted on the property or (ii) thepresence of abandoned mines, shafts, or pits, if any. The disclosuresrequired by this subsection shall be made by a builder or owner (i) whenselling a completed dwelling, before acceptance of the purchase contract or(ii) when selling a dwelling before or during its construction, afterissuance of a certificate of occupancy. Such disclosure shall not abrogateany warranty or any other contractual obligations the builder or owner mayhave to the purchaser. The disclosure required by this subsection may be madeon the disclosure form described in § 55-519. If no defects are known by thebuilder to exist, no written disclosure is required by this subsection.
(1992, c. 717; 1993, c. 824; 1994, cc. 80, 242; 2005, c. 510; 2006, c. 706;2007, c. 265.)