§508D-10 Absentee owners and disclosure. A seller who has not lived in the residential real property for at least one-hundred-eighty days prior to the date of receiving a real estate purchase contract may notify the buyer in writing that the seller does not have the requisite personal knowledge to make accurate disclosures about the residential real property, or provide a statement subject to section 508D-9(a)(4). Thereafter the buyer may elect to:

(1) Substitute an inspection report by a home inspector, licensed contractor, or licensed appraiser covering the same matters as would have been included in a disclosure statement at the buyer's expense; or

(2) Provide the seller written notification that the buyer waives the applicability of this chapter. [L 1994, c 214, pt of §2; am L 1996, c 161, §10]