Delaware SB201 amends real estate broker laws to include wholesaling, protect consumers, and increase the Guaranty Fund limit.
Delaware SB201 amends Title 24 of the Delaware Code to clarify the definition of wholesaling in real estate transactions. The bill mandates that wholesale transactions must be conducted by licensed real estate professionals. It grants consumers the right to cancel an agreement of sale or contract for wholesaling within 21 days of execution, with full refunds of any payments made. The bill also increases the limit of the Real Estate Guaranty Fund from $25,000 to $50,000 to better compensate consumers who obtain judgments against real estate licensees for fraud, misrepresentation, or theft.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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