The Latest on BMP’s as Point of Sale…
Maybe you already thought BMP completion was a point of sale item, because the cost of completion is often negotiated during the escrow process. However, even though the current law says that all private residences must complete their “BMP’s” (Best Management Practices), the law is rarely enforced outside of TRPA holding back new construction or remodeling permit approvals until BMP’s are done–not at the time of the property changing hands.
But this may change! There is a serious proposal on the table to make BMP completion a legally binding point of sale requirement.
Read all about it in this great summary by Lake Tahoe News!
By Kathryn Reed
STATELINE – Lake Tahoe homebuyers and sellers beware because the Tahoe Regional Planning Agency is looking to crackdown on erosion control measures at private residences.
There is a good chance that a year after escrow closes BMPs will have to be completed. And when it comes time for disclosure about BMPs, sellers may be asked to pony up the money to have them completed or for the selling price to be reduced.
On July 8 a room of about 70 people, most of whom are in the real estate business, gathered to hear what the future of best management practices will be as well as to give the nine-member committee their opinions.
