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

HB 124 requires specific disclosures in residential property contracts when a "wholesale buyer" (a buyer who assigns the contract for a fee) or "wholesale seller" (a seller who assigns their interest without holding title) is involved. It mandates that wholesale buyers disclose in writing to property owners they may assign the contract, and wholesale sellers must disclose in writing to buyers they may not convey title. Homeowners can cancel such contracts without penalty if required disclosures are missing and the contract is assigned, while buyers who cancel due to failed disclosures receive a deposit refund. The law applies only to new contracts signed on or after October 1, 2025, and does not affect existing agreements.