Thursday, July 9, 2009

Disclosure of Energy Star Data in Commercial Real Estate Transactions

According to an alert by some folks at Greenberg Traurig's land development group, California will soon require the disclosure of energy efficiency data in non-residential real estate transactions: 

On January 1, 2010, owners of non-residential buildings in California will be required to disclose the Energy Star performance rating of any building that they want to sell, lease or finance when the entire building is involved in the potential transaction. This disclosure obligation was created by Assembly Bill 1103, which has received little attention from building owners, managers or commercial brokers. However, these parties need to prepare for this new obligation.

The stated purpose of the disclosure requirement is to “motivate building operators to take actions to improve their buildings’ energy profiles” and “to allow building owners and operators to compare their buildings’ performance to that of similar buildings and to manage their buildings’ energy costs.”

Ben Barros

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https://lawprofessors.typepad.com/property/2009/07/disclosure-of-energy-star-data-in-commercial-real-estate-transactions.html

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