Bill > SB155

This bill revises Ohio's real estate wholesaler law by introducing new regulations and disclosure requirements for wholesalers, who are defined as individuals or entities that enter into purchase contracts for residential real property with the intention of assigning or selling those contracts for a profit. The bill requires wholesalers to provide a detailed, conspicuous written disclosure statement to property owners before entering a binding contract, which must be signed by both parties and explain the nature of the wholesale transaction, including potential assignment of the contract and the wholesaler's profit motive. If a wholesaler fails to provide this disclosure, the property owner can cancel the contract without penalty and receive any earnest money back within thirty days. The bill also adds a new provision to the real estate licensing law that makes failure to comply with these wholesaler disclosure requirements a potential basis for disciplinary action against a real estate licensee. The legislation aims to increase transparency in real estate wholesale transactions and protect property owners by ensuring they fully understand the terms and potential implications of such agreements.

Justice, Transportation and Infrastructure

https://www.legislature.ohio.gov/legislation/136/sb155