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business1d ago
Lawmakers to make real estate wholesalers disclose business models
- Ohio passes a law requiring real estate wholesalers to disclose their business model before contracts are signed.
- The rule aims to curb misleading or predatory practices that affect elderly homeowners.
- Buyers must provide a signed disclosure statement to property owners before signing a contract.
- Homeowners may cancel the contract under the new law if needed.
- Officials say the measure protects homeowners from high-pressure tactics and protects home equity.
- The law requires transparency so property owners understand the implications of wholesaler deals.
- The law targets selling practices that could lead to loss of home equity for decades.
- The measure includes guidance for individuals to seek written documentation and advice before signing.
- The disclosure rule is part of broader efforts to remove predatory real estate models in Ohio.
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