READ AND PASSED

This enacted ordinance regulates residential property wholesalers—people or businesses seeking to buy homes as investments rather than for their own residence—by requiring a license and barring misrepresentations or false information. It requires wholesalers to give homeowners a disclosure at least three days before making an offer, including information about property-value resources, real estate agents, and legal counsel, and creates protections for homeowners who do not want to be solicited.

Amending Title 9 of The Philadelphia Code, entitled "Regulation of Businesses, Trades and Professions," by adding a new Chapter, entitled "Residential Property Wholesalers," to regulate the solicitation of purchases of real property and require certain disclosures by property purchasers to homeowners, and amending Chapter 9-1100 of The Philadelphia Code, entitled "Fair Practices Ordinance: Protections Against Unlawful Discrimination," to provide protections to homeowners from solicitation and related problems, all under certain terms and conditions.