Limits resale of certain real property formerly owned by public body in certain circumstances; bans deed restrictions limiting use of commercial real property in certain circumstances.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill addresses two key issues related to real property sales. First, it limits the resale of certain real estate previously owned by public bodies for a period of 10 years, requiring a formal agreement for prevailing wage payments on any subsequent construction or renovation. Second, it prohibits deed restrictions that limit the commercial use of real property to the same use as the original seller, deeming such restrictions against public policy and unenforceable. These changes aim to increase transparency and ensure fair practices in real estate transactions involving public assets.
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