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06/21/2024 09:56 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=42431
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: April 3, 2024 02:10 PM
From: Senator Patrick J. Stefano and Sen. Greg Rothman
To: All Senate members
Subject: Wholesale Real Estate Transactions
 
In the near future, we plan to introduce legislation that would give wholesale transactions the same level of transparency and uniformity as other real estate transactions.
 
Residential wholesaling involves the practice of transferring property between buyer and seller through a third-party equitable interest. As this is a newer practice, current state law does not address it, leaving buyers and sellers across Pennsylvania potentially unaware that they are party to a wholesale transaction.
 
Our legislation requires those engaged in residential wholesaling to be licensed in Pennsylvania. It also requires the buyer and seller to be made aware that this is a wholesale transaction and that they have the right to seek an appraisal and cancel the contract.
 
Please join us in cosponsoring legislation to protect buyer and seller interests during real estate transactions, including those involving residential wholesaling.
 



Introduced as SB1173