AZ HB2747

Requires wholesale buyers of residential real property (fewer than five dwelling units) to disclose in writing to the seller that they are a wholesale buyer before entering into any binding agreement.

Requires wholesale sellers of residential real property to disclose in writing to the buyer that they hold only an equitable interest in the property and may not be able to convey title.

Allows sellers to cancel the contract without penalty and retain earnest money if a wholesale buyer fails to make the required disclosure.

Allows buyers to cancel the contract without penalty and receive a refund of earnest money if a wholesale seller fails to make the required disclosure.

Defines "wholesale buyer" as a person or entity that enters into a purchase contract as buyer and assigns that contract to another person or entity.