The bill, S.B. No. 26, introduces new regulations regarding contracts for the purchase of residential real property located in a "colonia," which is defined as an economically distressed area near the international border with specific housing density. It mandates that if a purchaser requests, a copy of the executory contract must be provided in Spanish, and this translation must be done by a certified Spanish translator. However, the executed contract and any binding documents must still be written in English, ensuring that the primary legal language remains consistent.

Additionally, the bill clarifies that these provisions apply only to contracts entered into after the effective date of the Act, with existing contracts being governed by the previous law. The Act is set to take effect 91 days after the end of the legislative session. This legislation aims to enhance accessibility and understanding for Spanish-speaking individuals engaging in real estate transactions in these specific areas.

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