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Panel hears bill to outlaw long-term 'unfair service' agreements that cloud property titles
Summary
Sen. Denise Ricciardi and AARP urged the committee to outlaw certain long-term, recorded service agreements that can encumber home titles and prey on vulnerable homeowners; the attorney general's elder-abuse unit backed the measure and said it would provide enforcement tools under RSA 358-A.
Sen. Denise Ricciardi told the Senate Commerce Committee that Senate Bill 164 would make certain long-term, recorded residential "service" agreements void and unenforceable. She said the agreements — sometimes marketed as quick-cash contracts in which a homeowner accepts an upfront payment in exchange for a decades-long agreement that is recorded against the property — can cloud title and trap future owners in obligations the original homeowner did not fully appreciate.
"These quick cash marketing techniques used by out of state companies offer a nominal upfront payment in exchange for a 40 year agreement for future real estate brokerage and other personal home services,"…
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