Bill > HB357

This bill amends Alabama law to clarify and expand regulations for real estate transactions, particularly concerning "equitable interests," which are defined as any right or interest in a contract to buy residential real estate. It requires individuals selling or assigning these equitable interests to disclose in writing that they are not the deed holder and are only transferring their contract rights, and to inform the seller of their intent to assign and the actual assignment within three days. The bill also mandates that contracts establishing equitable interests must include a fixed closing date without automatic extensions. Furthermore, it clarifies penalties for violations, including fines, mandatory education, reprimands, and license suspension or revocation, and specifies that these penalties can also be applied to unlicensed individuals engaging in activities that require a license. The bill also updates definitions and clarifies existing provisions related to real estate company operations and advertising.

Government Affairs

https://alison.legislature.state.al.us/bill-search