The bill amends sections 4735.18 and 4735.24 of the Revised Code and enacts section 5301.95, introducing new regulations for real estate wholesalers in Ohio. It defines "residential real property" and outlines the responsibilities of wholesalers, including the requirement to provide a conspicuous written disclosure statement to the record owner before entering into a binding contract. This disclosure must be printed in boldface type and a minimum font size of twelve points, detailing the wholesaler's role and the nature of the transaction. Both the wholesaler and the record owner must sign and date this disclosure prior to the contract's execution, and failure to do so allows the record owner to cancel the contract without penalty before the close of escrow.

The bill also modifies existing provisions regarding disciplinary actions that the Ohio real estate commission can impose on licensees, mandating compliance with the new section 5301.95 for wholesalers. It specifies that violations of the disclosure requirements are considered unfair or deceptive acts, allowing affected parties to seek legal recourse against the wholesaler. Additionally, any modifications or waivers of the disclosure requirements are deemed void and unenforceable. The bill repeals the existing sections 4735.18 and 4735.24, signifying a comprehensive update to the legal framework governing wholesaler transactions in residential real estate.

Statutes affected:
As Introduced: 4735.18, 4735.24