Pa. Realtors® Wholesaling Legislation Approved by Pa. Senate

Legislation to address the practice of residential wholesaling passed the Pennsylvania Senate on June 4.

Senate Bill 1173 (Stefano, R-Fayette) will require a real estate salesperson license under the Real Estate Licensing and Registration Act (RELRA) to conduct residential wholesale transactions in the commonwealth. The legislation now heads to the Pennsylvania House of Representatives for consideration.

The legislation is sponsored by Sen. Pat Stefano, chair of the Senate Consumer Protection and Professional Licensure Committee, a Realtor® champion and a member of PAR’s Real Estate Caucus.

In addition to amending RELRA to require a license, SB 1173 also ensures that consumers are made aware they are engaging in a wholesale transaction by receiving proper disclosures.

A top priority for the Pennsylvania Association of Realtors®, the legislation is a culmination of efforts of the PAR Legislative Committee and a Wholesaling Task Force of members.

Residential wholesaling occurs throughout Pennsylvania, and this legislation brings much-needed uniformity by ensuring that persons engaging in wholesale transactions are licensed to practice real estate. The disclosure requirements for wholesale transactions also bring transparency to the current process, which can often be confusing and unclear.

Nearly 250 Realtors® will be in the Pennsylvania Capitol later today advocating for passage of SB 1173 by the Pennsylvania House and thanking Pennsylvania Senators for their support. Please watch for more information about the PA Realtors® Day on the Hill event in tomorrow’s JustListed. Stay up to date on all of PAR’s legislative priorities on the PAR website.