The proposed bill amends Chapter 11-18 of the General Laws by introducing a new section titled "Real estate title fraud - Unsolicited offers to purchase." This section defines key terms related to real estate transactions, including "mortgage lending process," "pattern of real estate title fraud," and "unsolicited real estate purchase offer." It requires that any person or entity making unsolicited offers to purchase real estate provide specific notices indicating that the offer may not reflect the fair market value of the property and, if applicable, that the offer is less than the municipal assessed value for taxation purposes. These notices must be in a separate document, printed in capital letters at a minimum font size of eight points, and signed by all owners or prospective sellers of the real estate.

The bill establishes penalties for violations, including misdemeanor charges for failing to provide the required notices and felony charges for committing real estate title fraud. A person commits real estate title fraud if they knowingly offer for recording or record any real estate deed with a forged signature, a fraudulently created instrument, or a fraudulent mortgage or lien. Penalties for real estate title fraud include imprisonment for up to ten years and fines up to $50,000 for a first offense, and up to twenty years and fines up to $100,000 for a pattern of real estate title fraud.

Additionally, the bill mandates that municipalities must obtain sufficient documentation to positively identify individuals filing real estate deeds or other instruments electronically from remote locations, effective September 1, 2025. Any filings that do not comply with this requirement will be deemed void. The legislation also allows victims of real estate title fraud to bring legal action against individuals who have knowingly filed false or forged documents, enabling them to recover actual damages or $5,000, whichever is greater, along with legal costs, including reasonable attorney's fees.