Rep. April Connors’ measure improving home leaseback agreement rules signed into law
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Rep. April Connors’ measure improving home leaseback agreement rules signed into law
House Bill 1070 is Connors’ first bill to be signed into law
Rep. April Connors’ measure adding an exemption to the Residential Landlord-Tenant Act (RLTA) for residential leaseback agreements of up to three months was signed into law this morning by the governor.
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 8th District lawmaker’s first bill to be signed into law, would remove the legal cloud of uncertainty many homebuyers feel when entering into these agreements.
“I am thrilled to see the House, Senate, and governor come together to support this common-sense reform,” said Connors, R-Kennewick. “As a residential real estate agent for more than 20 years, I’ve seen how leaseback agreements can mutually benefit buyers and sellers. This new law will give peace of mind to homebuyers who want to take advantage of this popular option.”
Under this bill, a seller must be represented by an attorney, real estate broker, or managing broker licensed to practice in Washington state.
The bill, which received unanimous support in the House and Senate, will go into effect 90 days after the adjournment of the 2023 legislative session.
Video of the bill signing is available on TVW here.
