Residential Property Wholesaling Protection Act provides homeowners with a right to cancel a residential property wholesaling contract within 30 days.
The North Carolina Residential Property Wholesaling Protection Act aims to safeguard homeowners in residential property wholesaling transactions. It mandates that purchase contracts include a notice of the homeowner's right to cancel the contract until midnight of the 30th day after signing or until the deed is conveyed, whichever is earlier. The homeowner must receive a receipt for the notice of cancellation. If the homeowner cancels, any earnest money paid remains their property, and they are not liable for damages.
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