All about Oklahoma Senate Bill 1075

by Darren Barr, Esq.

Darren is an attorney with CLOSED Title, based out of our Oklahoma City office. He works with our team on closings locally in Oklahoma City, but also across the state of Oklahoma, including Edmond, Tulsa, Norman, Broken Arrow, Lawton and Moore.

If you would like to work with Darren and his expert team you can get their contact information and even order title here:

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THE BASICS: Oklahoma Senate Bill 1075

The overarching purpose of this bill is to protect homeowners from deceptive or misleading real estate wholesale practices. While this act does ensure transparency and provides clear opt-out mechanics; this in no way ends Oklahoma wholesaling as a practice.

If you would like more information on this bill or would like an attorney to draft a new wholesaling contract with the above requirements in mind, please reach out to us.

Oklahoma Senate Bill 1075: A New Age for Real Estate Wholesalers 

Oklahoma Senate Bill 1075, becoming effective November 1, 2025, fundamentally changes how wholesalers must operate with regards to Oklahoma property.

This new law seeks to bring greater transparency and consumer protection to real estate wholesaling (as well as prevent some predatory tactics). 

The Act defines wholesalers in a very broad manner and includes both assignments/novations and double closings (A to B; B to C transactions).

This new law also creates several critical obligations and prohibitions for the wholesaler:

1. Mandatory Written Disclosures: Before executing ANY contract, wholesalers must provide homeowners with prominent written disclosures. These disclosures must include:

   1. The wholesaler's explicit intent to sell, assign, transfer, or otherwise convey the residential real estate for a higher price than what is offered to the homeowner;

   2. A recommendation that the homeowner seek independent legal advice before signing the contract;

   3. An explanation of homeowners right to cancel the contract without penalty within 2 business days

2. Right to Cancel: Yes, you read that correct. Starting on November 1, 2025; all wholesalers will have to provide a 2 business day right to cancel on their contract without penalty. OREC is also tasked with creating a standardized cancellation form that will need to be included with any wholesaler contract. 

3. Cannot Act on Behalf of Homeowner: Wholesalers are expressly prohibited from acting as advisors, stating that they have certificates or licenses that they do not possess, and act "in any other manner representing that the wholesaler is acting on behalf of the homeowner." That puts into question whether power of attorneys will be allowed in wholesaling transactions. 

4. No Agreements of Contract or Memorandums: Wholesalers are no longer allowed to place a lien or other such item clouding title. 

5. New Contract Requirements: All wholesaler contracts must include:

   1. The wholesaler's name, address, and telephone number

   2. The property address

   3. The total consideration provided to homeowner

   4. A clear description of payment terms

   5. Description of any services offered by wholesaler

   6. And finally a prominent notice explaining homeowner's cancellation rights.

Finally, failure of a wholesaler to comply with the new Oklahoma law makes the contract invalid and unenforceable by wholesaler. 

Further, the homeowner would be entitled to any earnest money paid by wholesaler.

If you would like more information on this bill, please contact us.