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Bill

S 5642

Requires a sworn affidavit stating the seller was informed of the fair market value of the property

2025 Regular Session Introduced by Jamaal Bailey

Requires a sworn affidavit confirming the seller was informed of the property's fair market value in a real estate transaction.

REFERRED TO JUDICIARY
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WeVote Research Nonpartisan
Bill Summary · S 5642

Summary of Bill S 5642

Overview

  • Bill Number: S 5642
  • Title / Purpose (as stated): Requires a sworn affidavit stating the seller was informed of the fair market value of the property.
  • Sponsor: Jamaal Bailey (primary)
  • Status: Referred to the Judiciary Committee
  • Introduced: February 26, 2025
  • Related Bills: S 8848 (prior-session)

This bill would introduce a new requirement tied to property transactions: a sworn affidavit in which the seller acknowledges they were informed of the property’s fair market value.

Key Provisions

  • A sworn affidavit must be obtained from the seller.
    • The affidavit must state that the seller was informed of the fair market value of the property.
  • The bill does not specify:
    • Who must obtain or require the affidavit (seller, broker, or another party).
    • When the affidavit must be provided (at listing, at sale, or at closing).
    • The entity to which the affidavit must be delivered.
    • Penalties for noncompliance or enforcement mechanisms.
    • The precise definition or method for determining “fair market value.”
  • No monetary amounts, deadlines, or procedural timelines are provided in the available information.

Affected Parties and Impacts

  • Primary impact: Introducing a formal requirement for disclosures related to fair market value in property transactions.
  • Potential beneficiaries: Buyers and other interested parties who want explicit confirmation that FMV information was conveyed to the seller.
  • Potential burdens: Additional compliance step for sellers (and possibly real estate professionals or brokers) if they must obtain and attest to the affidavit; potential administrative or transactional delays if the affidavit process is not streamlined.

Procedural and Timeline Aspects

  • The bill was introduced on February 26, 2025 and immediately referred to the Judiciary Committee on that date.
  • The status indicates the bill is in committee review; no further actions (e.g., passage, amendments, or enactment) are listed in the provided information.
  • Duplicate entry: The legislative actions list the Judiciary referral twice on the same date.

Legislative Context

  • Related Legislation: S 8848 from a prior session may reflect a similar interest in property disclosures or fair market value communications.
  • The Judiciary referral suggests potential focus on legal standards, affidavits, and enforceability.

If you’d like, I can adapt this summary to emphasize potential policy implications, compare with S 8848 if you provide its text, or add a brief FAQ-style section addressing common questions (e.g., “Who would be responsible for obtaining the affidavit?”) based on any additional details you have.

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

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