The bill modifies the closing and settlement procedure for real estate transactions to ensure that the funds intended to be used at closing have been:
- Received and deposited into a trust account at least one business day before the scheduled closing; and
- Confirmed as deposited and available for immediate disbursement upon the settlement and closing of the real estate transaction.
The bill takes effect September 1, 2024.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)