Makes changes to GS Chapter 93A to clarify that residential property wholesaling requires a real estate broker’s license.
Amends GS 93A-2 defining residential property wholesaling to include soliciting homeowners for purchase contracts of their property unless it will be used as the soliciting party's residence, marketing or selling purchase contracts for residential property for consideration or selling or buying or negotiating purchase contracts or options for property, and makes residential property wholesaling a part of the real estate broker definition.
Creates new GS Chapter 93A, Article 8 (Residential Property Wholesaling and We Buy Houses Homeowner Protection Act), intended to protect homeowners from unfair and deceptive practices in residential property wholesaling. Grants a homeowner the right to cancel a purchase contract that is part of a residential property wholesale transaction within 30 days and requires payment of a refund within 10 business days after cancellation. Requires purchase contracts used in these transactions to include a statement about the cancellation right in 14-point font, with specific provisions for how to cancel. Makes failure to provide the right to cancel a per se unfair or deceptive trade practice and authorizes a party to bring actions under GS Chapter 75 to obtain relief. Specifies that recoveries under GS Chapter 75 will not be offset from consideration paid to the homeowner in connection with the property transaction. Permits the Attorney General to enforce the provisions as allowed under GS Chapter 75.
Allows the North Carolina Real Estate Commission to adopt rules to implement the act.
Effective and applicable to purchase contracts entered on or after October 1, 2025.

Statutes affected:
Filed: 93A-2
Edition 1: 93A-2