As if there isn’t already enough paperwork required for real estate transactions, the Legislature passed Public Resources Code §25402.10 earlier this year, imposing a new requirement on building owners or lessors, and refinancers as well.
But only certain types of buildings are covered by the new law, as listed in the legislation. Factories, industrial buildings and apartment buildings are excluded, but most other “building types” are included.
And what must the poor long-suffering building owner do? Here’s the summary list:
- Go to ENERGY STAR Portfolio Manager website and sign-in to create a new account.
- Contact your local utility to confirm its procedures for providing energy use data.
- Benchmark the building’s energy use at least 30 days prior to closing.
- Produce a Data Verification Checklist pursuant to regulatory requirements.
- Disclose that document to a prospective buyer, lessee, or lender at least 24 hours prior to closing.
- Submit the Data Verification Checklist to the Energy Commission within 30 days.
There, now, wasn’t easy? And hardly consumed any of your time at all. There, there, please stop crying: after all, it could be worse (couldn’t it?).
The information presented is not intended to be, and does not constitute, “legal advice.” Because each situation varies, and only brief summary information is provided here, you should not use this information as a basis for action unless you have independently verified with your own counsel that it applies to your particular situation.
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