Alabama HB357 requires equitable interest holders to be licensed and mandates disclosures in real estate transactions.
Alabama HB357 amends the state's real estate licensing laws to require individuals holding an equitable interest in real estate to obtain a license from the Alabama Real Estate Commission when transferring that interest for a fee. The bill also establishes specific disclosures that must be made in equitable interest transactions, such as informing potential buyers that the holder of the equitable interest is not the deed holder.
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