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

Summary

The bill updates the legal meaning of a “contingency clause” in residential real‑estate contracts and specifies which types of contingencies allow a buyer to terminate the deal and get their escrow back. It also requires escrow agents or licensed brokers to return the buyer’s trust money within a set period unless a court case or mediation is filed. The changes aim to give buyers clearer rights and faster access to their funds.

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

Topics

Share