This bill establishes new consumer protections for owners of solicited real estate transactions in Washington State, effective January 1, 2026. It mandates that when a potential buyer actively solicits the purchase of real property not currently listed on the market, the owner has the right to an appraisal by a licensed appraiser, which must be included in the purchase contract. Additionally, the owner can cancel the purchase contract without penalty within specified timeframes: four business days after receiving the appraisal or ten business days if they choose not to receive an appraisal. The bill also requires that the purchase contract clearly states these rights in boldface type and that the seller acknowledges them in writing.

Furthermore, the bill clarifies that these provisions do not apply to transactions involving a buyer or seller represented by a licensed real estate broker. It emphasizes that violations of these consumer protections are considered unfair or deceptive acts in trade, thereby invoking the consumer protection act. The bill adds a new chapter to Title 61 RCW, reinforcing the importance of these practices in protecting public interest.