Sec. 20-329aaa. (Note: This section is effective July 1, 2026.) Definitions.
Sec. 20-329ddd. (Note: This section is effective July 1, 2026.) Sellers' duties.
Sec. 20-329eee. (Note: This section is effective July 1, 2026.) Written wholesale disclosure report.
Sec. 20-329fff. (Note: This section is effective July 1, 2026.) Recording prohibited. Remedies.
Sec. 20-329ggg. (Note: This section is effective July 1, 2026.) Regulations.
Sec. 20-329hhh. (Note: This section is effective July 1, 2026.) Unfair or deceptive trade practice.
Sec. 20-329aaa. (Note: This section is effective July 1, 2026.) Definitions. As used in this section and sections 20-329bbb to 20-329hhh, inclusive:
(1) “Commissioner” means the Commissioner of Consumer Protection;
(2) “Department” means the Department of Consumer Protection;
(3) “Person” has the same meaning as provided in section 20-311;
(4) “Prospective seller” means any person who communicates with a real estate wholesaler in contemplation of entering into a real estate wholesale contract;
(5) “Real estate broker” has the same meaning as provided in section 20-311;
(6) “Real estate salesperson” has the same meaning as provided in section 20-311;
(7) “Real estate wholesaler” means a person who enters into a real estate wholesale contract for the purpose of facilitating or orchestrating the sale of a seller's residential real property to a third party without assuming title to such property;
(8) “Real estate wholesale contract” means an agreement between a real estate wholesaler and the seller of residential real property in which the real estate wholesaler agrees, or reasonably expects or intends, to, for compensation and without assuming title to such property, facilitate or orchestrate the sale of such property to a third party; and
(9) “Residential real property” has the same meaning as provided in section 20-311.
(P.A. 25-168, S. 252.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329bbb. (Note: This section is effective July 1, 2026.) Real estate wholesalers. Registration. Renewal. Fees. (a)(1) No person shall act as a real estate wholesaler in this state unless the Department of Consumer Protection has issued a real estate wholesaler registration to such person pursuant to this section.
(2) A person may simultaneously hold a real estate broker license or real estate salesperson license under chapter 392 and a real estate wholesaler registration issued pursuant to this section.
(b) (1) A person seeking an initial real estate wholesaler registration under this section shall submit a completed application to the Department of Consumer Protection in a form and manner prescribed by the Commissioner of Consumer Protection. Each completed application submitted to the department under this subdivision shall be accompanied by a nonrefundable application fee in the amount of two hundred eighty-five dollars. Each initial real estate wholesaler registration issued pursuant to this subdivision shall be valid for a period not to exceed two years.
(2) Each initial real estate wholesaler registration issued pursuant to subdivision (1) of this subsection may be renewed for successive two-year periods by submitting a completed registration renewal application to the department in a form and manner prescribed by the commissioner. Each completed registration renewal application submitted to the department under this subdivision shall be accompanied by a nonrefundable renewal fee in the amount of two hundred eighty-five dollars.
(P.A. 25-168, S. 253.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329ccc. (Note: This section is effective July 1, 2026.) Real estate wholesale contracts. Terms. Sales and assignments. (a) Each real estate wholesale contract shall, at a minimum, include a provision providing (1) the seller with a three-business-day period within which the seller may, in the seller's discretion and at the seller's expense, review the terms of such contract with an attorney or other advisor, and (2) that the seller may cancel such contract during such three-business-day period without providing any reason for such cancellation or incurring any penalty or obligation, except to return any deposit the real estate wholesaler paid to the seller.
(b) No real estate wholesale contract shall provide for a closing date that is more than ninety days after the date on which all parties to such contract executed such contract. The parties to the real estate wholesale contract may agree to extend such ninety-day period, provided such extension is made in writing and signed by all parties to such contract. In the absence of any such extension, the real estate wholesale contract shall automatically terminate upon expiration of such ninety-day period.
(c) Any real estate wholesaler seeking to sell or assign a real estate wholesale contract to a third party shall, prior to such sale or assignment, provide to the third party:
(1) A written notice (A) disclosing all of such third party's rights, as set forth in the real estate wholesale contract with the seller, and (B) identifying such real estate wholesaler as a real estate wholesaler who holds a future interest in the purchase of the residential real property but does not hold title to such property; and
(2) The written residential condition report that the seller of the residential real property provided to such real estate wholesaler pursuant to subdivision (1) of section 20-329ddd.
(P.A. 25-168, S. 254.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329ddd. (Note: This section is effective July 1, 2026.) Sellers' duties. A seller of residential real property shall, prior to entering into a real estate wholesale contract with a real estate wholesaler concerning such property:
(1) Provide to the real estate wholesaler a written residential condition report concerning such property that satisfies the requirements established in section 20-327b; and
(2) Satisfy all relevant reporting requirements required by federal law.
(P.A. 25-168, S. 255.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329eee. (Note: This section is effective July 1, 2026.) Written wholesale disclosure report. (a) On and after October 1, 2026, a real estate wholesaler shall, prior to executing a real estate wholesale contract with a prospective seller of residential real property, provide to the prospective seller the written wholesale disclosure report developed by the Commissioner of Consumer Protection pursuant to subsection (b) of this section. The real estate wholesaler may deliver such written wholesale disclosure report to the prospective seller by electronic means.
(b) Not later than September 30, 2026, the Commissioner of Consumer Protection shall, within available appropriations, develop and post on the Department of Consumer Protection's Internet web site a written wholesale disclosure report. Such report shall:
(1) Be in a form and manner prescribed by the Commissioner of Consumer Protection;
(2) Be published (A) on one or more pages, each of which shall be numbered and not larger than eight and one-half inches in width and eleven inches in height, and (B) in at least nine-point type, except checkboxes and section headings may be published in a smaller point type;
(3) Include (A) the address of the residential real property that is the subject of such report on each page of such report, (B) section headings in bold type, and (C) space for the purchaser's and the seller's initials on each page of such report, except the signature page of such report; and
(4) Include the following, in a form and manner prescribed by the commissioner, in the order indicated:
(A) The following language:
“Notice to Sellers: What to Know About Wholesale Transactions
If you are considering selling your property through a wholesale transaction, please be aware of the following:
1. The real estate wholesaler may not be the person or entity purchasing your property, and you may be granting them the right to sell your property to another person or entity.
2. During the contract period, the real estate wholesaler may market your property for sale.
3. A real estate wholesaler may reasonably expect or intend to make a profit, or receive compensation through an assignment fee, from selling, assigning or transferring their interest in the real estate wholesale contract.
4. As the seller, the terms of your agreement with a real estate wholesaler may provide the real estate wholesaler with the ability to make decisions to reject or accept an offer to purchase your property without your knowledge or consent during the term of the real estate wholesale contract.
5. The assessed value of a property, as assessed by a town, is not the same as the fair market value of the property, and may be significantly less than the fair market value of the property.
6. You are advised and have the right to investigate the fair market value of your property before signing a real estate wholesale contract. The sale price of your property is negotiable.
7. You may, in your discretion and at your expense, have an attorney or other advisor review the terms of a real estate wholesale contract, or have an appraiser assess the value of your property.
8. You may cancel a real estate wholesale contract during the three-business-day period beginning when you enter into the contract without providing any reason or incurring any penalty or obligation, except to return any deposit the real estate wholesaler paid to you.
9. If the real estate wholesaler is a real estate broker or a real estate salesperson, the real estate wholesaler must disclose to you who he or she represents and what fiduciary duties, if any, are owed to you in the wholesale transaction.
10. As the seller, you are required to provide certain property condition and lead paint disclosures under state and federal law. These disclosures must be completed as part of the transaction.
11. A real estate wholesale contract may not have a closing date that is more than ninety days after all parties sign the contract. However, you may agree to extend the ninety-day period, provided the extension is in writing and signed by you and the real estate wholesaler. If you do not extend the contract, the contract will automatically terminate at the end of the ninety-day period.
Please read the terms in the real estate wholesale contract to understand all of your rights and obligations thereunder, including:
(A) How prospective purchasers of your property may have access to your property for showings, inspections or for other transactional details;
(B) What additional costs you may be charged at the time of closing, such as a seller's conveyance tax or other closing-related fees; and
(C) If you have any right to cancel the contract prior to closing in addition to your right to cancel the contract during the three-business-day period beginning when you enter into the contract.
All sellers in real estate transactions should consult with appropriate professionals to understand their rights and obligations and the various implications of a real estate transaction.”.
(B) An acknowledgment in the following form:
“I acknowledge that I have received and understand this disclosure notice.
Signature of Seller
Seller's street address, municipality, zip code
Date:
Signature of Wholesaler
Date:”.
(P.A. 25-168, S. 256.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329fff. (Note: This section is effective July 1, 2026.) Recording prohibited. Remedies. (a) No person shall record, or cause to be recorded, on the land records of any town any real estate wholesale contract, any notice or record thereof or any documentation that purports to create any lien or encumbrance upon, or other security interest in, the residential real property that is the subject of such real estate wholesale contract. A real estate wholesaler shall not file a purchaser's lien, as set forth in section 49-92a, related to a real estate wholesale contract. If any such contract, notice, record, documentation or lien is recorded on the land records of any town related to the residential real property that is the subject of such contract, such contract, notice, record, documentation or lien shall not be deemed to provide actual or constructive notice to an otherwise bona fide purchaser or creditor of such property.
(b) Notwithstanding the provisions of section 7-24, a town clerk may refuse to receive for recording any real estate wholesale contract, notice, record or documentation described in subsection (a) of this section.
(c) If a real estate wholesale contract, or any notice or record thereof, is recorded with respect to any residential real property, the owner of such property, or any person having knowledge of facts affecting such property, may effectuate a release of any rights purported to be created by the recordation of such contract, notice or record by recording an affidavit of facts in accordance with section 47-12a setting forth the facts related to the recordation of such contract, notice or record. Upon the recordation of said affidavit, any filing providing notice of the real estate wholesale contract shall be void and unenforceable.
(P.A. 25-168, S. 257.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329ggg. (Note: This section is effective July 1, 2026.) Regulations. The Commissioner of Consumer Protection may adopt regulations, in accordance with the provisions of chapter 54, to implement the provisions of sections 20-329bbb to 20-329fff, inclusive.
(P.A. 25-168, S. 258.)
History: P.A. 25-168 effective July 1, 2026.
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Sec. 20-329hhh. (Note: This section is effective July 1, 2026.) Unfair or deceptive trade practice. Any violation of the provisions of sections 20-329bbb to 20-329fff, inclusive, shall be deemed an unfair or deceptive trade practice under subsection (a) of section 42-110b.
(P.A. 25-168, S. 259.)
History: P.A. 25-168 effective July 1, 2026.
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