Clarifying consumer protections regarding unsolicited real estate transactions for public purposes or by nonprofit land conservancies.

Summary

The law requires that when a buyer contacts a homeowner with an unsolicited purchase offer, the contract must include a right to a licensed appraisal paid by the buyer and a right for the homeowner to cancel the deal without penalty. Homeowners can request an appraisal within three business days and must decide to cancel within four days after receiving it, or cancel within ten days if they decline an appraisal. The rules do not apply to transactions involving licensed brokers, public agencies, Indian tribes, or nonprofit land‑conservancy groups acquiring land for public benefit.

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