Bill > H797

This bill introduces the Residential Property Wholesaling and We Buy Houses Homeowner Protection Act to regulate the practice of residential property wholesaling, which involves soliciting homeowners to sell their properties and then marketing or selling the purchase contract to another party for a fee. The bill requires that anyone engaging in such transactions must be a licensed real estate broker and provides significant protections for homeowners. Specifically, homeowners are granted a 30-day right to cancel the purchase contract from the date of execution, with this right being non-waivable. The purchase contract must now include clear disclosures about the cancellation right, including the addresses where cancellation notices can be sent. Wholesalers must provide homeowners with a full copy of the contract at signing and are required to refund any payments within 10 business days if the contract is cancelled. The bill defines residential property wholesaling as soliciting homeowners to sell, marketing purchase contracts, or negotiating property transactions, and classifies these activities as real estate brokerage that requires licensure. Violations of the act are considered unfair trade practices, allowing aggrieved parties to seek legal remedies, and the Attorney General can enforce the provisions. The law will become effective on October 1, 2025, and will apply to purchase contracts entered into on or after that date.

Government Affairs, Housing and Urban Affairs

https://www.ncleg.gov/BillLookUp/2025/H797