Bill > HB1682

This bill expands the definition of a "real estate broker" to include "wholesalers," defined as individuals or entities who secure, negotiate, or facilitate the sale of residential real estate with the primary goal of transferring their contractual interest for profit, often by assigning contracts before taking ownership or through "double closings" (simultaneously selling a property they just contracted to buy). Importantly, wholesalers are no longer exempt from real estate licensing requirements. The bill mandates that wholesalers must provide specific written disclosures to homeowners before any contract is signed, including their intent to assign or sell their interest for a higher price, their intention to market the equitable interest, and a notice advising the homeowner to seek legal counsel and informing them of their right to cancel the contract within two business days. Any contract that fails to include these disclosures is void, and homeowners can terminate the contract if the wholesaler doesn't comply. The bill also requires wholesalers to disclose their equitable interest to potential buyers and prohibits them from acting as advisors or misrepresenting their professional status. The Mississippi Real Estate Commission is authorized to create rules and a cancellation form to implement these provisions, which will only apply to transactions involving residential properties (one to four dwelling units) and will take effect on July 1, 2026.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1682.xml