Bill
S 1314
Overview: S 1314 - Creates requirements for certain long-term real estate listing contracts.Purpose and Intent: This bill aims to establish new requirements for long-term real esta
Overview: S 1314 - Creates requirements for certain long-term real estate listing contracts.
Purpose and Intent: This bill aims to establish new requirements for long-term real estate listing contracts, which are defined as contracts lasting more than 6 months. The goal is to provide greater transparency and consumer protections for homeowners entering these types of agreements.
Key Provisions:
- Requires long-term listing contracts to clearly disclose the total commission fees and any other costs the homeowner may be responsible for.
- Mandates a 3-day "cooling off" period where the homeowner can cancel the contract without penalty.
- Prohibits real estate agents from requiring homeowners to use specific vendors or service providers.
- Gives homeowners the right to terminate the contract if the agent fails to market the home as agreed.
Affected Parties and Impacts: This bill would impact homeowners who enter into long-term real estate listing contracts, providing them with more information and flexibility. Real estate agents and brokers would need to adjust their contracting practices to comply with the new requirements.
Procedural and Timeline Considerations: S 1314 has been introduced in the Senate and referred to the Commerce Committee for further consideration. If passed, the new requirements would take effect 90 days after enactment.
Compiled from official sources — confirm details with the bill’s official record.
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