The bill SB212 Engrossed amends various sections of the Code of Alabama 1975 to enhance regulations surrounding real estate transactions. Key insertions include new definitions such as "Buyer's Agreement," "Listing Agreement," and "Team," which clarify the relationships between real estate companies and their clients. The bill also introduces provisions for co-brokerage agreements between Alabama brokers and those from other states, detailing requirements for supervision and advertising. Additionally, it emphasizes the need for written brokerage agreements and agency disclosures, while streamlining outdated language to improve clarity and compliance within the industry. Notably, the bill deletes certain provisions, including the requirement for licensees to present returned checks as payment for fees.

Furthermore, the bill outlines the qualifications and responsibilities of real estate licensees, particularly those operating in teams, and mandates criminal history checks for applicants. It specifies that a team does not require separate licensure, designating a team leader responsible for maintaining a list of members. The bill also clarifies that consumers must sign a brokerage agreement to receive specific services, while ensuring that no agreement is needed merely to view a property. Overall, SB212 aims to improve accountability, transparency, and ethical standards in Alabama's real estate practices, with an effective date set for October 1, 2025.

Statutes affected:
Introduced: 34-27-39
Engrossed: 34-27-39