HB 797 North Carolina House · 2025-2026 Session

Residential Property Wholesaling Protection.

HB 797, titled "Residential Property Wholesaling Protection," clarifies that residential property wholesaling and related transactions are considered real estate brokerage activity, requiring those involved to be licensed. The bill grants homeowners a non-waivable right to cancel purchase contracts related to residential property wholesaling until midnight of the 30th day after execution or until deed conveyance. It also mandates that these contracts include specific disclosures about this cancellation right, printed in at least 14-point font. Failure to provide this right to cancel is deemed an unfair or deceptive trade practice.

Bill status passed 3 of 5 stages cleared

Introduction

Apr 2025

Committee Review

May 2025

House Passage

Apr 2025

Senate Passage

Governor

Introduced Apr 7, 2025 Last action May 1, 2025

Maddy AI version diff · 3 comparisons

What changed between versions

A1: ACJ-3-V-4 → Edition 1 · 6 edits

MODERATE

This bill expands the definition of real estate brokerage to include residential property wholesaling, requiring wholesalers to obtain a real estate license. It also adds a new article to the consumer protection laws that gives homeowners a 30-day right to cancel purchase contracts and requires specific disclosures on the contract.

Scope change

The bill expands regulatory oversight to cover residential property wholesalers who previously may not have required licensing, and adds consumer protection rights for homeowners entering these transactions.

DEFINITION

Added new definition for 'residential property wholesaling' to include soliciting homeowners, marketing purchase contracts, and dealing in property contracts or options.

REQUIREMENT

Requires persons engaging in residential property wholesaling to be licensed as real estate brokers.

Requires purchase contracts to include specific disclosures about the right to cancel in 14-point font.

Requires refunds of all payments within 10 business days after cancellation and prohibits liability for damages when exercising the cancellation right.

RIGHTS

Gives homeowners the right to cancel purchase contracts within 30 days or until deed conveyance, whichever comes first.

ENFORCEMENT

Empowers the Attorney General to enforce the new provisions under Chapter 75 of the General Statutes.

Floor votes · House Apr 30, 2025

How they voted

104–0

Passed · 17 other

Total votes 121

Apr 30, 2025

D Democratic46

37 Yea 9

80% Yea

I Independent2

2 Yea

100% Yea

R Republican73

65 Yea 8

89% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 1, 2025

Committee

Ref To Com On Rules and Operations of the Senate

upper

Apr 30, 2025

Lower · Passed

Passed 3rd Reading

lower

Apr 30, 2025

Lower · Passed

Amend Adopted A1

lower

Apr 29, 2025

Lower · Passed

Reptd Fav

lower

Apr 17, 2025

Committee

Re-ref Com On Rules, Calendar, and Operations of the House

lower

Apr 17, 2025

Committee

Re-ref Com On Regulatory Reform

lower

Apr 17, 2025

Lower · Passed

Reptd Fav

lower

Apr 8, 2025

Committee

Ref to the Com on Housing and Development, if favorable, Regulatory Reform, if favorable, Rules, Calendar, and Operations of the House

lower

Apr 7, 2025

Introduced

Filed

lower

3 primary · 11 co-sponsors