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Bill

S 7647

Requires a statement of the full sales price of real property being conveyed and proof of such sales price to be submitted to the recording officer

2025 Regular Session Introduced by Jabari Brisport and 5 co-sponsors

Bill S 7647 mandates sellers to disclose full sales prices and provide proof during property transactions, enhancing transparency for buyers and improving record accuracy.

REFERRED TO JUDICIARY
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Bill Summary · S 7647

Summary of Bill S 7647

Bill Number: S 7647
Title: Requires a statement of the full sales price of real property being conveyed and proof of such sales price to be submitted to the recording officer
Status: Referred to Judiciary
Introduced: April 25, 2025
Classification: Bill

Purpose and Intent

Bill S 7647 aims to enhance transparency in real estate transactions by mandating that a full statement of the sales price of real property, along with proof of that sales price, be submitted to the recording officer during the conveyance process. This legislation seeks to ensure accurate reporting of property sales, which can aid in various governmental functions, including tax assessments and market analysis.

Key Provisions

  • Sales Price Disclosure: The bill requires sellers of real property to provide a detailed statement indicating the full sales price of the property being conveyed.
  • Proof of Sales Price: Along with the sales price statement, sellers must submit proof of the sales price. This could include documents such as a sales contract or settlement statement.
  • Submission to Recording Officer: Both the sales price statement and proof must be submitted to the designated recording officer, who is responsible for maintaining public records related to property transactions.

Affected Parties

  • Property Sellers: Individuals or entities selling real estate will be directly impacted, as they will need to comply with the new requirement to disclose the sales price and provide proof.
  • Recording Officers: Local government officials responsible for recording property transactions will have new responsibilities in verifying and maintaining these records.
  • Buyers and Real Estate Professionals: Buyers may benefit from increased transparency in property transactions, while real estate agents and brokers will need to ensure compliance with the new requirements during sales.

Procedural Aspects

  • Current Status: As of April 25, 2025, the bill has been referred to the Judiciary Committee for further consideration.
  • Next Steps: The bill will undergo review and discussion within the committee, where amendments may be proposed before it is potentially brought to the floor for a vote.

Conclusion

Bill S 7647 represents a significant step toward improving the integrity of real estate transactions by requiring full disclosure of sales prices. If enacted, it could lead to more accurate property records and better-informed buyers and sellers in the real estate market. The bill is currently under review by the Judiciary Committee, and its future will depend on the legislative process moving forward.

Compiled from official sources — confirm details with the bill’s official record.

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