United States · Bill · S
S. 3720 (118th)
Preserving Pathways to Homeownership Act of 2024
Introduced
1 February 2024
Last action
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Status
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
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Subjects
Discovery layer
Source updated
14 January 2025
Summary
Preserving Pathways to Homeownership Act of 2024 This bill establishes requirements regarding land installment contracts (i.e., land contracts or contracts for deed). In a land installment contract, a seller agrees to sell real property to a purchaser through installment payments. The seller retains the title to the property until the payments are completed. In many cases, these agreements are not publicly recorded. Under the bill, states must enact requirements for land installment contracts. Specifically, a seller must record the contract with the deed recorder or similar office no later than five days after the execution of the contract. States must deter noncompliance with this requirement by prohibiting a seller from enforcing any part of such a contract if the contract is not recorded, giving the purchaser the right to rescind the contract and to receive a refund, establishing civil liability for violations, and establishing appropriate enforcement authority. The bill also prohibits the use of the remedy of forfeiture, which allows the seller to evict the purchaser and retain all payments if the purchaser defaults. However, under the bill, the seller may liquidate the purchaser’s interest in the property pursuant to the state’s foreclosure laws in the event of default.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 1 February 2024
Introduced in Senate (PDF)
Introduced in Senate · EN · 1 February 2024
Introduced in Senate
summary · EN · 1 February 2024
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/118th-congress/senate-bill/3720
- Open data entity: https://api.congress.gov/v3/bill/118/s/3720