S. 3720 · 118th Congress
Preserving Pathways to Homeownership Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SmithSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes requirements regarding land installment contracts (i.e., land contracts or contracts for deed). In a land installment contract, a seller agrees to sell real property to a purchaser through installment payments. The seller retains the title to the property until the payments are completed.
What it does: CRS summary · Introduced in Senate · Feb 1, 2024
Preserving Pathways to Homeownership Act of 2024
This bill establishes requirements regarding land installment contracts (i.e., land contracts or contracts for deed). In a land installment contract, a seller agrees to sell real property to a purchaser through installment payments. The seller retains the title to the property until the payments are completed. In many cases, these agreements are not publicly recorded.
Under the bill, states must enact requirements for land installment contracts. Specifically, a seller must record the contract with the deed recorder or similar office no later than five days after the execution of the contract. States must deter noncompliance with this requirement by
- prohibiting a seller from enforcing any part of such a contract if the contract is not recorded,
- giving the purchaser the right to rescind the contract and to receive a refund,
- establishing civil liability for violations, and
- establishing appropriate enforcement authority.
The bill also prohibits the use of the remedy of forfeiture, which allows the seller to evict the purchaser and retain all payments if the purchaser defaults. However, under the bill, the seller may liquidate the purchaser’s interest in the property pursuant to the state’s foreclosure laws in the event of default.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Preserving Pathways to Homeownership Act of 2024
Latest action (Feb 1, 2024): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Feb 1, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.