RESIDENTIAL REALTY-DEFECTS

Creates the Notice and Opportunity to Repair Act. Contains legislative findings and defines terms. Requires the service of notice to a construction professional of the complained-of defect in the construction by the homeowner prior to commencement of a lawsuit. Allows the professional to make an offer of repair or settlement and to rescind this offer if the claimant fails to respond within 30 days. Requires the claimant to file with the court a list of known construction defects. Directs the professional to provide a statutory notice to the homeowner upon the execution of a contract.