House unanimously passes first Republican bill: Rep. Connors’ measure improving home leaseback agreement rules
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House unanimously passes first Republican bill: Rep. Connors’ measure improving home leaseback agreement rules
The Washington State House of Representatives today unanimously passed the first Republican bill of the 2023 legislative session: Rep. April Connors' measure adding an exemption to the Residential Landlord-Tenant Act (RLTA) for residential leaseback agreements of up to three months.
A leaseback is an agreement between a buyer and seller of a property that allows the seller to continue living in and renting the property. Although leaseback agreements are a popular option in the real estate industry, they remain underutilized because they turn homebuyers into unwitting landlords regulated by the RLTA.
House Bill 1070, the freshman lawmaker's first bill to advance to the Senate, would remove the legal cloud of uncertainty many homebuyers feel when entering into these agreements.
“As a residential real estate agent for over 20 years, I've seen, firsthand, how complicated and unnecessary these regulations can be for leaseback agreements,” said Rep. Connors, R-Kennewick. “This bill would make it easier for buyers and sellers to take advantage of a popular tool that helps them both meet their needs and schedules.”
Under this bill, a seller must be represented by an attorney, real estate broker, or managing broker, who is licensed to practice in Washington state.
