where is wholesaling real estate illegal

Best answer


New Jersey

People also ask


  • Is wholesaling real estate legal?

  • So let’s take a few minutes to clarify what activities are legal and which aren’t so you have a clear understanding moving forward. Now as many of you know, there are two main types of real estate wholesaling, the assignment and the double closing, both of which are perfectly legal if done correctly. Let’s take a quick look at the two of them.

  • Can You Wholesale real estate without a license?

  • If these professionals are familiar with wholesaling, everything is fine, but if not they’ll tell you that you can’t buy, sell, list, market, negotiate, option, or any other activity without a license. But what they don’t remember in their real estate training or research is the words For Another in the state’s real estate statute.

  • Is it legal to sell options on a property?

  • If a person offers to sell an option or assign an interest in a contract on a property, the person must accurately describe the interest being offered. The same requirement for accuracy is added in the Property Code. The practice of 渨holesaling?remains legal if these 渢ruth in advertising?rules are adhered to.

  • Can a person offer a property for sale without owning it?

  • If a person offers a property for sale when the person does not own the property, that person is engaged in brokerage and must be licensed to do so. This is the current law. If a person offers to sell an option or assign an interest in a contract on a property, the person must accurately describe the interest being offered.

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