Amends TCA Title 47 and Title 66.
Tennessee SB0909 establishes regulations for buyers engaging in the wholesaling of real property, defining wholesaling as the assignment of a buyer's equitable interest in a property to a subsequent purchaser for a profit. The bill requires buyers to disclose specific information regarding their equitable interest to both the seller and potential subsequent purchasers at least three business days prior to any assignment. Key provisions include mandates for written disclosures in bold font and a two-year statute of limitations for violations related to these requirements.
Tennessee SB0909 establishes regulations for buyers engaging in the wholesaling of real property, defining wholesaling as the assignment of a buyer's equitable interest in a property to a subsequent purchaser for a profit. The bill requires buyers to disclose specific information regarding their equitable interest to both the seller and potential subsequent purchasers at least three business days prior to any assignment. Key provisions include mandates for written disclosures in bold font and a two-year statute of limitations for violations related to these requirements.
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