Tennessee SB0909 amends real property wholesaling laws, requiring disclosures and setting a statute of limitations for violations.

Tennessee SB0909 amends Tennessee Code Annotated, Title 47 and Title 66, to clarify the process for wholesaling real property. It defines "equitable interest" as the right of a buyer to benefit from real property after entering into a purchase contract but before the title transfer. The bill allows buyers to assign their equitable interest to a subsequent purchaser for a higher price, provided they disclose specific information in writing to both the potential assignee and the seller. It mandates that these disclosures be in bold, large font print and included in the written agreement.

Tennessee SB0909 amends real property wholesaling laws, requiring disclosures and setting a statute of limitations for violations.

Tennessee SB0909 amends Tennessee Code Annotated, Title 47 and Title 66, to clarify the process for wholesaling real property. It defines "equitable interest" as the right of a buyer to benefit from real property after entering into a purchase contract but before the title transfer. The bill allows buyers to assign their equitable interest to a subsequent purchaser for a higher price, provided they disclose specific information in writing to both the potential assignee and the seller. It mandates that these disclosures be in bold, large font print and included in the written agreement.