A new law is now in effect here in Oklahoma, aiming to protect homebuyers from unfair and predatory real estate agreements. House Bill 3318, which took effect at the start of November, has been praised for addressing issues that have been popping up across the country.

What the Law Does

The law specifically targets long-term real estate service agreements that often come with steep penalties for breaking the contract. In some cases, these agreements even allowed companies to place liens on a homeowner's property, according to Joy McGill, the State Director of Advocacy for AARP.

"These agreements can really catch folks off guard," McGill said. "They often come with fine print that homeowners don’t fully understand, and breaking the contract can cost thousands of dollars. In some cases, it even impacts their ability to sell their home."

How It Happened

McGill explained that AARP became involved after hearing about these types of agreements causing problems in other states. The organization worked with lawmakers to craft a bill that would prevent similar issues here in Oklahoma. House Bill 3318 received strong bipartisan support in the state legislature, showing a shared commitment to protecting consumers.

"We’re proud to have played a role in getting this law passed," McGill said. "It’s a big win for Oklahomans, especially older adults who are often targeted by these predatory practices."

Why It Matters

These types of agreements often appear to be standard contracts but can lock homeowners into decades-long commitments. Breaking the terms can result in hefty fees, and in some cases, companies have used the agreements to place liens on homes. This can make it difficult—or even impossible—for homeowners to sell their property without paying significant sums to the company.

"It’s not just about money," McGill said. "It’s about fairness and transparency. Homeowners deserve to know what they’re signing and shouldn’t be penalized for wanting to make changes down the road."

What’s Next

The law is already in effect, but advocacy groups like AARP encourage homeowners to remain vigilant. McGill advises folks to read all contracts carefully and seek legal advice if something seems unclear. "Don’t be afraid to ask questions," she said. "If a deal seems too good to be true, it probably is."

For those who believe they may already be locked into an unfair agreement, McGill recommends reaching out to local consumer protection agencies or legal resources for guidance.