Revises provisions relating to the sale of residential property. (BDR 10-328)

SB 242 prohibits certain investment companies (like firms that pool investor funds) from signing a contract to buy a residential property listed for sale until the property has been on the market for at least 30 days. This directly affects sellers of residential properties and these specific investment entities, giving sellers the right to cancel any contract that violates the 30-day rule before the deal is fully completed. The law applies to contracts entered into on or after October 1, 2025, and modifies existing property sale regulations without impacting state or local government finances.