Bill > HB2274

This bill establishes consumer protections for owners of real estate that is solicited for purchase by potential buyers. The key provisions are: (1) Owners have the right to an appraisal of the property by a licensed appraiser, paid for by the potential buyer, and can cancel the purchase contract within 4 business days of receiving the appraisal; (2) Owners who do not want an appraisal can cancel the contract within 10 business days without penalty; and (3) The purchase contract must clearly state the owner's rights to an appraisal and to cancel the contract. These protections do not apply to transactions where the buyer or seller is represented by a licensed real estate broker.