Real Estate Commission; to authorize disciplinary actions against a licensee for not making certain required disclosures and failing to give proper notice of an equitable interest assignment

HB 397 requires Alabama real estate licensees (brokers and salespeople) to make specific disclosures when handling residential property assignments. It mandates that licensees disclose to buyers if the seller isn't the legal property owner (deed holder) and disclose in writing to sellers the buyer's intent to assign their purchase rights before any assignment occurs. The bill also requires licensees to provide at least three business days' written notice of the assignment's effective date and set a fixed closing date without automatic extensions. These requirements aim to prevent undisclosed property rights transfers and give buyers and sellers clear advance notice, with the Alabama Real Estate Commission authorized to impose fines or license penalties for violations.