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Committee hears bill to give owners rights to appraisals in solicited property sales
Summary
Substitute House Bill 1081 would give owners of privately solicited real estate a right to an appraisal (ordered within three days at the buyer’s expense) and a short cancellation period; sponsors say the measure is aimed at preventing predatory purchases of vulnerable sellers.
Substitute House Bill 1081, presented to the Senate Business, Financial Services, Gaming & Trade Committee, would create a statutory appraisal right and short cancellation window for owners whose properties are solicited directly by buyers who are not using a licensed real-estate broker.
Committee staff summarized the measure’s core protections: when a buyer who solicits an owner executes a purchase contract for a property that is not publicly listed, the owner would have…
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