Establishes licensure requirement for wholesale transactions in real estate and certain rights of consumers in contracts for real property sold in wholesale transaction.

Summary

The bill makes anyone who conducts a wholesale transaction in residential property (one to four units) must be a licensed real‑estate broker, salesperson, or broker‑salesperson. It also grants consumers who sign a wholesale sales contract the ability to cancel the agreement up to 30 days after signing (or before conveyance) and receive a full refund with no liability. The New Jersey Real Estate Commission will set the required contract disclosures.

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