Questions you might have:
- Does this bill have teeth?
We think that many sellers and realtors out there will abide by this type of law. Will there be a wink and a nod in some cases, of course, we are not being naive to this fact. There are significant penalties in the Bill for those who violate the law. Having a law in place this will aid the consumer.
- By the time this law goes through will the market have changed?
Yes, and hopefully it will change soon for all of us. But if/when the market favors the sellers again we want this law to be in place so this doesn’t happen again! Imagine the long term affect this type of legislation will have on home buyers and, of course, will have on our profession.
We are tightly connected to a market, the real estate market, that we have no control over. Let’s try to take some control back for us and for the Public!
- Do we have control of the bill as it proceeds through the legislature?
Yes, we can pull it, as we are the sponsors, at any time. We can pull it right up till that very last minute.
- After/if the bill is passed can it be altered/amended easily?
No! Any change to the bill would have to go through this same process. When we got wind of a proposed bill, we could fight it or endorse it as we see fit.
- Is this a step towards over regulation?
No! Because home inspections are not mandatory, buyers will be guaranteed the Right to have an Inspection.
- Can the state regulate price?
No, both legislators, both lawyers and the lobbyist agreed on this point.
- Can the state regulate report forms?
No, we have regulations in place on what a home inspection is, what we have to report on, and how our procedures work. There is no reason this would need to change, and haven’t been changed by the State since the licensing law was implemented over 20 years ago
- What will be the cost?
If it goes through two sessions of the legislature, we estimate the cost at $50,000.