Alabama Real Estate Commission; equitable interest transfers, disclosure and licensing requirements, penalties for violations

This bill requires individuals selling contractual rights to buy property (known as "equitable interests") for a fee to obtain a real estate license, ending a prior exemption. It mandates specific disclosures to buyers about the transaction and requires a fixed closing date in all such contracts. Violations - like failing to disclose key details or omitting a closing date - could result in fines or penalties imposed by the Alabama Real Estate Commission. The bill directly affects sellers of property through contracts (e.g., land contracts) rather than deeds, who previously could operate without a license.