Residential Property - Assignment of Contracts of Sale - Disclosure Requirements and Rescission

SB 160 requires specific disclosures in residential property sales involving "wholesale buyers" (who assign contracts for a fee) and "wholesale sellers" (who assign without holding title). It mandates that wholesale buyers disclose potential assignments to sellers and wholesale sellers disclose their equitable interest to buyers in writing. Buyers or sellers can rescind a contract without penalty before closing if required disclosures are missing, and buyers who rescind this way are entitled to a full deposit refund. The law applies only to properties with four or fewer single-family units (owner-occupied) and takes effect October 1, 2025.