Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission

Authorizing a seller or assignee of certain residential property to rescind a contract of sale without penalty at any time before closing if a certain seller does not provide a certain notice; establishing that an assignee is entitled to a refund of any deposit paid in connection with the assignment of a contract of sale of the residential property under certain circumstances; requiring that a contract of sale comply with the requirements of the Act; and applying the Act prospectively.