S. 3720 — Preserving Pathways to Homeownership Act of 2024

This bill establishes requirements regarding land installment contracts (i.e., land contracts or contracts for deed). In a land installment contract, a seller agrees to sell real property to a purchaser through installment payments. The seller retains the title to the property until the payments are completed. In many cases, these agreements are not publicly recorded. Under the bill, states must enact requirements for land installment contracts. Specifically, a seller must record the contract with the deed recorder or similar office no later than five days after the execution of the contract. States must deter noncompliance with this requirement by prohibiting a seller from enforcing any p...