Signed by Governor Mike DeWine

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that establishes regulations for contracts between real estate wholesalers and consumers in Ohio.

Highlights:

• Requires wholesalers acting as the grantee in a transaction that conveys an interest in residential real property to make certain disclosures to the property owner (Sec. 1).

• Authorizes the property owner to cancel a contract with a wholesaler that fails to make those disclosures, without penalty, any time before the close of escrow (Sec. 1).

• Requires the escrow or closing agent to disburse any earnest money paid by such a wholesaler to the record owner within 30 days after such a cancellation (Sec. 1).

• Specifies that real estate professionals who fail to comply with these requirements are subject to disciplinary action by the Superintendent of Real Estate (Sec. 1).

Full Bill Text