Rhode Island S3136 mandates licensing for real estate wholesalers and requires disclosure and cancellation rights for buyers and sellers.

Rhode Island S3136 amends the state's real estate laws to require any person involved in selling, assigning, or buying an equitable interest in real estate without taking legal title to be licensed as a real estate broker or salesperson. This includes those who facilitate the sale of real estate for financial gain within a twelve-month period. The bill also mandates that wholesalers disclose their equitable interest in the property to prospective buyers and include a three-day cancellation period for buyers and sellers.

Rhode Island S3136 mandates licensing for real estate wholesalers and requires disclosure and cancellation rights for buyers and sellers.

Rhode Island S3136 amends the state's real estate laws to require any person involved in selling, assigning, or buying an equitable interest in real estate without taking legal title to be licensed as a real estate broker or salesperson. This includes those who facilitate the sale of real estate for financial gain within a twelve-month period. The bill also mandates that wholesalers disclose their equitable interest in the property to prospective buyers and include a three-day cancellation period for buyers and sellers.