REAL ESTATE: Provides with respect to the wholesale of residential real properties

Removed a mandatory disclosure requirement stating that the wholesaler intends to assign the contract for a higher price than offered to the seller.

Extended the statutory right for a seller to cancel a wholesaling contract without penalty from five calendar days to fourteen calendar days.

Reordered the text of the bill and updated page numbering from 'Page 1 of 5' to 'Page 1 of 6' to reflect the draft status.

The definition of 'wholesaling' was expanded to explicitly include 'double closing' scenarios where two transactions occur simultaneously without the intent to occupy or improve the property.

New prohibitions were added preventing wholesalers from acting as advisors, consultants, or representatives for sellers, and banning the placement of liens on the property.

A new requirement was added forbidding wholesalers from asking sellers to sign deeds or conveyances until the seller's five-day right to cancel the contract has expired.

The mandatory cancellation notice language was updated to explicitly warn sellers not to sign any cash sale or deed documents until their right to cancel ends.

The cancellation period for residential real property contracts was reduced from fourteen calendar days to five calendar days after contract execution.

The cancellation period for wholesaling contracts was reduced from fourteen calendar days to five calendar days after the date of execution.

A coding legend explaining how deletions and additions are marked was added to the document.

Page numbering was updated from 6 pages to 7 pages.