Okla. Stat. tit. 59, § 59-858-314

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.

Oklahoma Statutes - Title 59. Professions and Occupations Page 727

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

Oklahoma Statutes - Title 59. Professions and Occupations Page 728

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
s and Occupations Page 728

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.