New Wholesaling Law -- Your Contract is Worth Less Than Used Toilet Paper! | Flipping Mastery Show
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 28 July 2024
⏱️ 14 minutes
🧾️ Download transcript
Summary
On today's Wholesale Hotline (Flipping Mastery Edition) Jerry breaks down a new wholesaling law.
Show notes -- in this episode we'll cover:
- Jerry does a complete break down and explanation of the new Pennsylvania law.
- The implications of the new law and how you should adjust your business.
- The actions you should take to protect yourself (this is not legal advice).
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Transcript
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| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:07.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:16.0 | The next state to pass laws to regulate the practice of wholesaling real estate is Pennsylvania, |
| 0:22.7 | and as far as I'm concerned, traditional wholesaling is all but dead in Pennsylvania with this new |
| 0:28.3 | law. Known as Senate Bill 1173, this bill was introduced and aggressively pushed through both the |
| 0:34.9 | House and the Senate and is just waiting for the |
| 0:37.5 | governor to sign to become law any day now. |
| 0:40.7 | One sign that goes into effect six months later, so probably around the beginning of 2025. |
| 0:46.1 | So what exactly is this new law? |
| 0:48.6 | Well, similar to what several other states have done, Pennsylvania first defines wholesaling, |
| 0:53.8 | then mandates you become licensed to engage in wholesaling, then mandates you become licensed |
| 0:55.6 | to engage in wholesaling, and then also requires specific written disclosures to inform and |
| 1:01.1 | apparently protect sellers from wholesalers. |
| 1:04.4 | And honestly, that's all fine. |
| 1:06.5 | We can deal with that. |
| 1:07.6 | If that's all Pennsylvania required, we could adjust and keep going, but no licensing |
| 1:13.1 | and disclosure isn't enough. Unlike other states, Pennsylvania took regulation to a whole new level, |
| 1:19.6 | which will now make traditional whole ceiling extremely difficult, and in my opinion, it might not be worth the risk or effort. |
| 1:26.1 | In the name of protecting the consumer, this new law gives sellers a non-waivable right |
| 1:31.4 | to cancel a contract for any reason at all for up to 30 days or until closing, whichever |
| 1:36.9 | happens first. |
| 1:38.5 | In other words, your contract with a seller is worthless. |
... |
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