Oklahoma · 59 O.S. §§858-102, 858-314Oklahoma wholesaling law: the disclosures, the 2-day cancellation right and the required notice

Senate Bill 1075, effective November 1, 2025, defines a wholesaler as anyone in the business of securing, negotiating or facilitating the sale of residential real estate primarily to transfer, assign or sell their equitable interest for profit – including someone who contracts to buy intending to assign the contract before taking possession or ownership, and someone who double closes without intending to live in or materially improve the property (59 O.S. §858-102). A wholesaler must disclose in writing to the homeowner, before any contract is signed, the intent to assign or sell the equitable interest for more than is offered to the homeowner; put a prominent statement in every written contract that the homeowner should seek legal advice; and disclose in writing that the homeowner may cancel without penalty within two business days after signing (§858-314(A), (C)). The wholesaler may not act as the homeowner's advisor, claim a license or certification it doesn't hold, or place a lien or otherwise cloud title (§858-314(B), (D)). The contract must give the wholesaler's name, address and phone number, the property address, the total consideration and the payment terms, and carry a statutory cancellation notice next to the seller's signature, with the Real Estate Commission's notice of cancellation form attached (§858-314(E), (G)). If any required disclosure is missing, the contract is invalid and unenforceable by the wholesaler, the homeowner is entitled to any earnest money, and the homeowner may terminate at any time; a wholesaler's earnest money must be kept in an escrow account in Oklahoma with a federally insured institution (§858-314(F)).