Bill Text: AZ HB2747 | 2022 | Fifty-fifth Legislature 2nd Regular | Introduced
Bill Title: Wholesale real estate buyers; disclosure
Spectrum: Bipartisan Bill
Status: (Passed) 2022-04-22 - Chapter 170 [HB2747 Detail]
Download: Arizona-2022-HB2747-Introduced.html
REFERENCE TITLE: wholesale real estate buyers; disclosure |
State of Arizona House of Representatives Fifty-fifth Legislature Second Regular Session 2022
|
HB 2747 |
|
Introduced by Representatives Espinoza: Toma
|
An Act
amending title 44, Arizona Revised Statutes, by adding chapter 15.1; relating to sales of property.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 44, Arizona Revised Statutes, is amended by adding chapter 15.1, to read:
CHAPTER 15.1
RESIDENTIAL PROPERTY
ARTICLE 1. GENERAL PROVISIONS
44-5101. Wholesale buyers; disclosure; unlawful practice; definitions
A. Before the parties enter into any binding agreement, a wholesale buyer of residential real property shall DISCLOSE in writing to the seller that the buyer is a wholesale buyer.
B. If a wholesale buyer violates this SECTION, the seller may cancel the contract for sale without penalty and may retain any earnest money paid by the wholesale buyer.
C. For the purposes of this section:
1. "Residential real PROPERTY" MEANS real property with fewer than five dwelling units.
2. "Wholesale buyer" means a person or entity that enters into a PURCHASE contract for residential real property and assigns that same contract to another person or entity for a profit.