(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.