Ohio SB155 revises real estate wholesaler law, requiring disclosures and prohibiting certain actions.

Ohio SB155 amends the real estate wholesaler law by requiring wholesalers to provide record owners with a written disclosure statement before entering into a binding contract. Wholesalers must disclose that they are acting as a grantee and assign or novate the contract to another person or entity. Failure to provide this disclosure allows the record owner to cancel the contract without penalty. The bill also prohibits wholesalers from entering into a binding contract unless both the wholesaler and the record owner sign and date the disclosure statement.

Ohio SB155 revises real estate wholesaler law, requiring disclosures and prohibiting certain actions.

Ohio SB155 amends the real estate wholesaler law by requiring wholesalers to provide record owners with a written disclosure statement before entering into a binding contract. Wholesalers must disclose that they are acting as a grantee and assign or novate the contract to another person or entity. Failure to provide this disclosure allows the record owner to cancel the contract without penalty. The bill also prohibits wholesalers from entering into a binding contract unless both the wholesaler and the record owner sign and date the disclosure statement.