(a) A real estate agent or broker licensed under Chapter 27 of Title 34 may not enter into an agreement to sell or lease real property when the seller is unknown to the real estate agent or broker and is not physically present to meet with the real estate agent or broker, unless the seller provides government-issued identification and ownership records of the real property.
(b) Prior to closing any transfer of Class III properties, as defined in Section 40-8-1, a settlement agent shall conduct identity document validation and identity verification of the seller of real property that is vacant or not owner-occupied and unencumbered by a security instrument.
(c) Documentation demonstrating compliance with this section shall constitute an affirmative defense to a civil claim brought under this chapter. The existence of this affirmative defense shall be a question of law for the court and may be decided on a motion for summary judgment.
(d) The documentation demonstrating compliance required under this section shall be maintained for five years. Any civil action against a real estate agent, broker, or settlement agent arising from a transfer of real property must be commenced not later than four years after the date the transfer is recorded in the public records.