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Section 2. Whenever the sale of real property located in <br />Orange County involves new construction, the seller shall prepare <br />and sign, and the buyer shall receive and sign, a disclosure <br />f statement. The disclosure statement shall either be included in <br />a contract of sale or contained in a separate document executed <br />prior to the execution of a sales contract. This disclosure <br />statement shall fully and completely disclose that the owner of <br />the property at the time an occupancy permit is issued for the new <br />construction or, if no occupancy permit is issued, the date the <br />new construction is occupied, may be subject to a tax levied by <br />the County and /or the District on the impact of land development. <br />If a seller fails to make such a disclosure and the buyer suffers <br />injury as a result of the seller's failure to disclose, the seller <br />shall be liable to the buyer to the extent of the buyer's injury. <br />Section 3. This Act is effective upon ratification. <br />13 <br />