CT HB05461

Defines "real estate wholesaler" as any person entering into a wholesaler agreement with a residential property seller for the purpose of selling, assigning, or transferring that agreement to a third party, effective January 1, 2025.

Requires real estate wholesalers to disclose in writing to sellers before agreement execution that the wholesaler intends to profit from the agreement, does not represent the seller's interests, and will market the property to prospective buyers or assignees.

Mandates sellers provide wholesalers with a written residential condition report complying with Connecticut General Statutes section 20-327b and applicable federal requirements, and requires wholesalers to provide this report to prospective buyers or assignees.

Allows sellers to terminate wholesaler agreements without penalty at any time before closing and retain deposits if the wholesaler violates any provision, and allows sellers age 65 or older to terminate without cause or penalty by providing written notice.

Limits the validity of wholesaler agreements to six months from the date of execution and requires wholesalers to disclose their wholesaler status and rights to prospective buyers or assignees before transferring their interest.