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PA Gives Property Owners / Consumers the Right to Cancel "Wholesale Transactions"

Posted by James W. Creenan | Jul 10, 2024 | 0 Comments

Act 52 of 2024 gives property owners the right to cancel a sales agreement for a "wholesale transaction" and also requires sales agreement to include certain rights for the property owner / consumer.  

What is a "wholesale transaction"?

 “Undertaking to promote the sale, exchange or purchase of an equitable interest or other interest in residential property with the intent to assign, sell or otherwise transfer the interest for a fee, commission or other valuable monetary consideration without having taken title as the owner of record of the interest.”

The Act subjects the wholesaler to the requirements of the broker licensing and registration requirements.   

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