cancellation. A. A wholesaler shall: 1. Disclose in writing to the homeowner, before the execution of any contract or written agreement, his or her intent to assign or sell his or her equitable interest in the residential real estate for a higher price than what is offered to the homeowner; 2. Provide a prominent written disclosure to the homeowner in all written contracts between the parties stating that the homeowner should seek legal advice before signing any contract concerning his or her home; and 3. Disclose in writing to the homeowner that the homeowner has the right to cancel the contract without penalty within two (2) business days after the execution of the contract. B. A wholesaler shall not, directly or indirectly: 1. Act as an advisor or consultant, or in any other manner representing that the wholesaler is acting on behalf of the homeowner; or 2. Represent himself or herself as holding a certification or license, or being a member of a licensed profession, without possession of the certification or license. C. The homeowner shall have the right to cancel the contract without penalty within two (2) business days from the date of execution of the contract. D. The wholesaler shall be prohibited from placing any lien or encumbrance on or otherwise clouding title of the property. E. Any contract or agreement used by a wholesaler shall contain the following: 1. The name, address, and telephone number of the wholesaler; 2. The address of the residence involved in the transaction; 3. The total consideration to be given by the wholesaler to the homeowner; 4. A complete description of the terms of payment or other consideration including, but not limited to, any services of any nature which the wholesaler represents he or she will perform for the seller before or after the sale; and 5. The following notice shall appear on the contract in immediate proximity to the space reserved for the seller’s signature and shall be in at least twelve-point bold type if the contract is typed or in capital letters if the contract is printed. The notice shall contain the name of the wholesaler, the date and time by which the contract shall be canceled, and the following language: “NOTICE REQUIRED BY OKLAHOMA LAW: You may cancel this contract at any time before midnight of ____________________ (Date). __________________________ (Name of Wholesaler) or anyone working for ______________________ (Name of Wholesaler) CANNOT ask you to sign or have you sign any deed or any other document until your right to cancel this contract has ended. See the attached notice of cancellation form for an explanation of this right. You should always consult an attorney or community organization before signing any legal documents concerning your home. It is advisable that you find your own attorney. The law requires this contract to contain the entire agreement. You should not rely upon any other written or oral agreement or promise.” F. Failure to include any of the required disclosures under this section shall render the contract invalid and unenforceable by the wholesaler and shall entitle the homeowner to any earnest money deposit involved in the transaction. Any earnest money deposit or security deposit by a wholesaler shall be kept in an escrow account maintained in this state with a federally insured financial institution. The homeowner may terminate the contract at any time if the wholesaler fails to comply with the provisions of this section. G. The Oklahoma Real Estate Commission shall create, publish, and provide on its website a notice of cancellation form, which shall be included by the wholesaler with any contract. This form shall be provided to the homeowner at no cost. H. The Commission shall promulgate any rules necessary to implement the provisions of this section.
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