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05/18/2024 04:05 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=39932
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: February 23, 2023 02:28 PM
From: Representative Donna Bullock and Rep. Morgan Cephas
To: All House members
Subject: Unfair Realty Agreements
 
 
Every day, unsavory realty companies prey on unsuspecting homeowners; targeting the most vulnerable neighborhoods of the Commonwealth. Homeowners are encouraged to sign lengthy realty agreement contracts, promising to use a certain realty company to sell their home for a cash payment of several hundred dollars. Should the homeowner try to cancel the contract or sell their home using another realtor, they are sued or face a cancellation fee of several thousand dollars.   
 
Our legislation would provide consumer protection against unfair realty agreements for homeowners in the Commonwealth by establishing prohibitions and requirements for these agreements. Unlawful agreements that include certain forbidden contents would be deemed unenforceable and in violation of the Unfair Trade Practices and Consumer Protection Act.
 
Companies seeking to bilk home equity from Pennsylvania’s most vulnerable homeowners must be stopped. Providing protections and recovery of damages to the victims of unsavory realty companies is a crucial step in curtailing this practice.
 
Pennsylvania homeowners deserve to know their home is protected from those attempting to misappropriate their earned home equity. I urge you to join us in supporting homeowners by co-sponsoring this legislation.
 



Introduced as HB657