HB1243 - Unfair Real Estate Service Agreement Act; created, consumer protections.

2 Co-Sponsors

Consumer protection; creation of Unfair Real Estate Service Agreement Act. Creates the Unfair Real Estate Service Agreement Act and adds any violations of the Act to the list of prohibited violations of relevant consumer protection laws in the Commonwealth. The bill prohibits any real estate service agreement, defined in the bill, that is effective and binding for more than one year from its effective date from (i) purporting to run with the land or bind future owners of interests in the residential real property identified in the service agreement; (ii) allowing the service provider to assign or transfer the right to provide services under the service agreement without notice to and written agreement of all parties to the service agreement; or (iii) purporting to create a lien, encumbrance, or other real property security interest on the residential real property identified in the service agreement.