The "Real Estate Installment Contract Act."

S 3404, the "Real Estate Installment Contract Act," regulates agreements where buyers pay for residential property in installments while sellers retain legal title until full payment. It requires all such contracts to be in writing and include specific details like payment schedules, property descriptions, lien information, and tax responsibilities. Sellers must record contracts with county clerks within 20 days of signing and deliver a deed to buyers within 30 days of full payment. The bill directly affects homebuyers and sellers using installment contracts for primary residences (properties with up to four dwelling units, intended for the purchaser’s occupancy). It aims to increase transparency and protect buyers by standardizing contract terms and timelines.