The bill amends the West Virginia Real Estate License Act, specifically section 30-40-26, to clarify and expand the duties of real estate licensees. Key provisions include the stipulation that consumers cannot be required to enter into a buyer's agency agreement before making a written offer to purchase real property, and that such agreements will only apply to the specific transaction at hand, automatically terminating upon completion or termination of that transaction. Additionally, licensees are now required to provide consumers with a written disclosure when preparing an offer, detailing the parties involved, the services to be provided, and any compensation to be paid to the licensee.

Other amendments include the requirement for all contracts to have a definite expiration date, prohibiting any obligation for consumers to pay fees to brokers after the contract's expiration if they choose to work with a different broker. Licensees must also disclose their agency relationships in writing before any contracts are signed and ensure that all terms of a transaction are included in contracts they prepare. The bill aims to enhance transparency and protect consumer rights in real estate transactions in West Virginia.

Statutes affected:
Introduced Version: 30-40-26
Committee Substitute: 30-40-26
Engrossed Committee Substitute: 30-40-26