Bill > HB05461

This bill aims to regulate wholesaling agreements between real estate wholesalers and sellers of residential real property in the state. It defines a "real estate wholesaler" as a person who enters into a wholesaling agreement with a seller to sell, assign, or transfer the agreement to a third party. The key provisions of the bill include: 1. Requiring real estate wholesalers to disclose to the seller that they intend to sell or assign the wholesaling agreement for a profit, do not represent the seller's interests, and plan to market the property to prospective buyers or assignees. 2. Requiring sellers to provide a written residential condition report to the wholesaler, who must then provide it to any prospective buyer or assignee. 3. Requiring wholesalers to disclose certain information to prospective buyers or assignees, such as their rights under the agreement and the fact that the wholesaler may not be able to assign their future interest in the property. 4. Allowing sellers aged 65 or older to terminate the wholesaling agreement without cause and without penalty, and allowing all sellers to terminate the agreement without penalty if the wholesaler violates any provision of the bill. 5. Limiting the duration of wholesaling agreements to a maximum of six months from the date of execution.

Business and Industry

Insurance and Real Estate Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05461&which_year=2024