Raised Bill No. 5461, introduced to the General Assembly, concerns the regulation of wholesaling agreements between real estate wholesalers and sellers of residential real property. The bill defines a "real estate wholesaler" as a person who enters into a contract with a seller to sell, assign, or transfer that contract to a third party, and a "wholesaler agreement" as the contract that transfers a future interest in the purchase of residential real property to a third party. Starting January 1, 2025, real estate wholesalers must disclose in writing to the seller that they intend to sell or assign the agreement for profit, do not represent the seller's financial interest, and plan to market the property to prospective buyers or assignees. Additionally, sellers must provide a written residential condition report to the wholesaler, who must then pass it on to prospective buyers or assignees.

The bill also stipulates that before transferring their interest in a wholesaler agreement, real estate wholesalers must disclose specific information to the prospective buyer or assignee, including their rights, the wholesaler's role, and a notice that the wholesaler may not be able to assign their interest in the property. If a wholesaler violates any provision of this section, the seller can terminate the agreement without penalty and retain any deposit. Sellers aged 65 or older may terminate an agreement without cause prior to closing. Wholesaler agreements are valid for no more than six months from the date of execution. The purpose of this act is to regulate wholesaling agreements to protect the interests of sellers of residential real property in the state. The bill does not include any deletions from current law.