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Gov. Rendell enacts RELRA amendments

by Shockley, Jennifer on

On Monday, Gov. Edward Rendell signed Senate Bill 241 into law. The legislation, now known as Act 14 of 2009, will allow parties in a real estate transaction to reach an agreement in writing in advance as to how escrow money will be distributed in the event a dispute occurs. re_transaction_keys2

The Act also provides that associate brokers and salespersons may set up entities such as S corporations or limited liability companies (LLCs) to conduct their real estate business and receive commissions. The Act will require that only a licensee may own an entity that is paid a commission by the broker.

The provisions in Act 14 will become effective on September 3.  Nothing in the Act requires real estate licensees to make any changes in their day-to-day practice; PAR will provide additional information prior to its effective date.

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RELRA
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