Agent Qualifications

• The act states that an agent must be "sought by, or acceptable to" the vendor. The scope of the sale is outlined. The act mentions that the vendor is allowed to terminate the relationship with the agent and must be given a document detailing all their rights in the proceedings. The act stipulates agent agreements must cover the agent`s ability to advertise the sale and to accept an offer.
  
  

Rescinding the Contract

• The act allows someone entering into a contract to buy or sell land or a business to rescind the contract within a prescribed time as written in the contract. Then a series of methods for delivering that notice are outlined.
  
  

Stipulations

• The law states that other active rental or purchase agreements must be voided before the beginning of the new agreement. The act also addresses subdivided land and states the legal action for one part owner buying out the other.