The bill establishes regulations for future listing right purchase contracts in Washington State, introducing a new chapter to Title 61 RCW. It stipulates that such contracts cannot exceed five years in duration and cannot be renewed or extended. Key provisions include that these contracts cannot be used as liens against real property, are not binding on subsequent owners, and can be canceled by the property owner without penalty within ten business days of execution. Additionally, the contract must clearly state that the owner cannot be compelled to list their property.

Furthermore, the bill mandates the Washington Real Estate Commission to form a work group to evaluate the practices surrounding these contracts and propose consumer protections and potential regulations, including licensing requirements. This work group is required to report its findings to the legislature by December 1, 2024, and the section establishing the work group will expire on July 1, 2025. The act is deemed necessary for the immediate preservation of public peace, health, or safety, and it takes effect immediately upon passage.

Statutes affected:
Original Bill: 18.86.010, 18.86.070