Bill > HB1081

This bill establishes consumer protections for homeowners who are approached directly by potential buyers interested in purchasing their property outside of traditional real estate market listings. For real estate transactions starting January 1, 2026, when a property owner is solicited to sell their property through advertising or direct contact, the owner will have specific rights: first, they can require an appraisal of the property by a licensed appraiser at the buyer's expense, and second, they can cancel the purchase contract without penalty within a specified timeframe. If the owner chooses to get an appraisal, they must order it within three business days, and they can then cancel the contract within four business days after receiving the appraisal. If the owner opts not to get an appraisal, they can cancel the contract within 10 business days. The purchase contract must clearly state these rights in bold type, and the seller must acknowledge them in writing. Importantly, these protections do not apply to transactions involving licensed real estate brokers. The bill also declares that violations of these provisions are considered unfair practices under the consumer protection act. These provisions aim to give property owners more control and protection when they are directly solicited to sell their real estate.