The bill establishes consumer protections for owners of solicited real estate in Washington State. It outlines the rights of property owners when approached by potential buyers who actively solicit the purchase of real property not currently listed on the market. Key provisions include the owner's right to an appraisal by a licensed appraiser, the requirement for potential buyers to notify owners of this right, and the ability for owners to cancel the purchase contract without penalty under specific conditions. Owners can choose to have an appraisal, which must be ordered within three business days of the contract execution, or they can cancel the contract within ten business days if they opt out of an appraisal.

Additionally, the bill mandates that purchase contracts clearly state the owner's rights regarding appraisals and contract cancellation in boldface type. It specifies that these protections do not apply to transactions involving licensed real estate brokers. The Attorney General is empowered to enforce compliance with these provisions, which are deemed to significantly impact public interest and are classified as unfair or deceptive acts under the consumer protection act. The bill adds a new chapter to Title 61 RCW, formalizing these consumer protections.