Legislation - HB0124

Title: Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission
Sponsored by: Delegates Rosenberg and Boyce
Status: In the Senate - First Reading Judicial Proceedings
Analysis: Fiscal and Policy Note

Synopsis

Authorizing a seller or assignee of certain residential property to rescind a contract of sale without penalty at any time before closing if a certain seller does not provide a certain notice; establishing that an assignee is entitled to a refund of any deposit paid in connection with the assignment of a contract of sale of the residential property under certain circumstances; requiring that a contract of sale comply with the requirements of the Act; and applying the Act prospectively.

Committees

Original:: Environment and Transportation Click to view Recorded Media

Opposite:: Judicial Proceedings

Committee Testimony

Witness List

Details

Cross-filed with: SB0160

Introduced in a prior session as: HB1408 Session: 2024 Regular Session

Bill File Type: Pre-Filed

Effective Date(s): October 1, 2025

History

Legislation History
Chamber House Calendar Date 7/20/2024 Legislative Date 7/20/2024 Action Pre-filed Proceedings
Chamber House Calendar Date 1/08/2025 Legislative Date 1/08/2025 Action First Reading Environment and Transportation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission Proceedings
Chamber House Calendar Date 1/08/2025 Legislative Date 1/08/2025 Action Hearing 1/28 at 1:00 p.m. Proceedings
Chamber House Calendar Date 1/13/2025 Legislative Date 1/13/2025 Action Hearing canceled Proceedings
Chamber House Calendar Date 1/13/2025 Legislative Date 1/13/2025 Action Hearing 1/28 at 2:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Environment and Transportation Proceedings Click to view Recorded Media
Chamber House Calendar Date 2/10/2025 Legislative Date 2/10/2025 Action Favorable with Amendments Report by Environment and Transportation Proceedings
Chamber House Calendar Date 2/11/2025 Legislative Date 2/11/2025 Action Favorable with Amendments {943729/1 Adopted Proceedings 25 Click to view Recorded Media
Chamber House Calendar Date 2/11/2025 Legislative Date 2/11/2025 Action Second Reading Passed with Amendments Proceedings 25 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission Proceedings
Chamber House Calendar Date 2/13/2025 Legislative Date 2/13/2025 Action Third Reading Passed (137-0) Proceedings 27 Click to view Recorded Media
Chamber Senate Calendar Date 2/14/2025 Legislative Date 2/05/2025 Action Referred Judicial Proceedings Proceedings 25 Click to view Recorded Media

Chamber	Calendar Date	Legislative Date	Action	Proceedings
House	7/20/2024	7/20/2024	Pre-filed
House	1/08/2025	1/08/2025	First Reading Environment and Transportation
			Text - First - Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission
House	1/08/2025	1/08/2025	Hearing 1/28 at 1:00 p.m.
House	1/13/2025	1/13/2025	Hearing canceled
House	1/13/2025	1/13/2025	Hearing 1/28 at 2:00 p.m.
			Vote - House - Committee - Environment and Transportation	Click to view Recorded Media
House	2/10/2025	2/10/2025	Favorable with Amendments Report by Environment and Transportation
House	2/11/2025	2/11/2025	Favorable with Amendments {943729/1 Adopted	25 Click to view Recorded Media
House	2/11/2025	2/11/2025	Second Reading Passed with Amendments	25 Click to view Recorded Media
			Text - Third - Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission
House	2/13/2025	2/13/2025	Third Reading Passed (137-0)	27 Click to view Recorded Media
Senate	2/14/2025	2/05/2025	Referred Judicial Proceedings	25 Click to view Recorded Media

File Code

Subjects

Statutes