Real Property - Termination of Residential Real Estate Contracts - Contingency Clauses

Summary

The bill redefines what counts as a contingency clause in residential real‑estate contracts and sets a faster timeline for returning a buyer’s escrow (trust) money when a contract is terminated. Sellers must provide proof of a court complaint or mediation request within 10 days, and if they do not, the escrow holder must return the funds within five days after that period. The changes aim to give purchasers quicker access to their money and clarify contract termination rights.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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