New Jersey A4278 establishes licensing for wholesale real estate transactions and consumer rights in such contracts.
New Jersey A4278 mandates that individuals involved in wholesale real estate transactions must be licensed as real estate brokers, salespersons, or broker-salespersons. The bill defines a wholesale transaction as promoting the sale of residential property interests for a fee without taking title as the owner. Consumers in these transactions have the right to cancel the contract until midnight of the 30th day after execution or until property conveyance, whichever is earlier, without incurring damages.
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