Plain English Breakdown
The official digest contains a clear conflict showing both '10%' and '6%', making it impossible to state the exact new limit based only on this source.
Changing Rules for Money Kept When Condo Buyers Back Out
This proposal would change the percentage of a purchase price that sellers can keep from buyers who cancel new condo deals before having to prove their actual costs.
What This Bill Does
- Changes the rule about how much money a seller can keep when a buyer defaults on buying a newly constructed attached condominium unit.
Who It Names or Affects
- Sellers of newly constructed residential condominium units for the first time.
- Buyers who may cancel their purchase agreements and default on these specific types of condos.
Limits and Unknowns
- The official text lists two different percentages (10% and 6%) as possible replacements for the current limit, so the final number is unclear.
- This bill has passed both chambers but reached a hearing that was canceled at the author's request.