SB 1218 Summary

• Establishes maximum 12-month duration for exclusive property engagement agreements covering residential real estate sales in Arizona.

• Prohibits exclusive property engagement agreements from running with the land, being recorded with county recorders, or creating liens or security interests against residential properties.

• Voids agreements if listing services do not commence within one year of execution and restricts assignment of agreements without property owner notice and consent.

• Makes violation of these requirements an unlawful practice subject to enforcement by the Attorney General and private lawsuits, with voided agreements requiring forfeiture of any consideration paid to homeowners.

• Authorizes the state real estate commissioner to record disclaimer documents in county recorder offices to void any noncompliant agreements recorded before the law's effective date.