Bill > HB287

This bill revises Ohio law related to real estate wholesalers by introducing new disclosure requirements and regulations for individuals or entities who act as intermediaries in residential property transactions. Specifically, the bill defines a "wholesaler" as a person who enters into a purchase contract for residential real property with the intention of assigning or transferring that contract to another party for a fee or commission. The legislation mandates that before entering into a binding contract, a wholesaler must provide the property's record owner with a detailed, conspicuous written disclosure statement explaining the nature of the transaction, printed in bold type and at least 12-point font. The disclosure must be signed by both the wholesaler and property owner, and it warns the owner that the wholesaler is acting on their own behalf, may assign the contract to a third party without consent, and might sell the contract for a profit. If a wholesaler fails to provide this disclosure, the property owner can cancel the contract without penalty and receive any earnest money back within 30 days. The bill also establishes that violations of these requirements are considered unfair or deceptive practices, giving property owners a legal cause of action against wholesalers and empowering the attorney general to enforce these new regulations.

Transportation and Infrastructure

https://www.legislature.ohio.gov/legislation/136/hb287