Ohio HB287 revises real estate wholesaler laws, requiring disclosures before entering into contracts for residential property.

Ohio HB287 amends real estate wholesaler regulations, mandating that wholesalers provide specific disclosures to property owners before entering into contracts for residential real property. Wholesalers must present a written disclosure statement to the property owner, detailing their role and advising the owner to seek legal counsel. Failure to provide this disclosure allows the owner to cancel the contract without penalty. The bill also outlines conditions under which a broker must return earnest money to the purchaser if the transaction does not close within two years.

Ohio HB287 revises real estate wholesaler laws, requiring disclosures before entering into contracts for residential property.

Ohio HB287 amends real estate wholesaler regulations, mandating that wholesalers provide specific disclosures to property owners before entering into contracts for residential real property. Wholesalers must present a written disclosure statement to the property owner, detailing their role and advising the owner to seek legal counsel. Failure to provide this disclosure allows the owner to cancel the contract without penalty. The bill also outlines conditions under which a broker must return earnest money to the purchaser if the transaction does not close within two years.