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Committee considers bill giving sellers appraisal and short cancellation rights in 'solicited' off-market home sales
Summary
Substitute House Bill 1081 would grant owners of solicited real estate—the off-market sellers approached directly by buyers—the right to have an appraisal paid for by the buyer, to choose the appraiser, and short cancellation windows; supporters say it protects vulnerable sellers and opponents raised implementation questions; no vote was taken.
The Senate Business, Financial Services, Gaming & Trade Committee held a public hearing Wednesday on substitute House Bill 1081, which would create appraisal and short-cancellation rights for owners approached in off-market solicitations to buy private property.
Committee staff briefed senators that the bill applies to transactions in which a buyer, or someone representing a buyer, actively solicits an owner of real property that is not publicly listed for sale. "Owners of real property that enter into a purchase contract with a buyer or someone representing a buyer that actively solicits the real estate…are provided the right of an appraisal," staff said. Under the bill text, when an owner exercises…
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