Читать книгу Commercial Real Estate Investing For Dummies - Peter Harris - Страница 86

The second reason is a big one. For a wholesale transaction to be legal when you are operating without a real estate license, the property needs to be under contract.

In all 50 states, you can’t bring together a buyer and a seller without a real estate license. However, when you have the property under contract, then by law, you can assign your contract to a buyer and receive money at closing.

Laws are constantly changing, and some states have taken steps to restrict or eliminate your ability to wholesale a property by having it under contract. Check the legalities of wholesaling in your own state, and while you’re at it, check to see whether it’s legal for you to virtually wholesale properties in other states.

You must, just to be extra clear here, have the property under contract. Got it? Some people claim that without a real estate license you can put a buyer and seller together and get a “consulting” fee. You’ll probably even see some investors doing this. That doesn’t make it legal.

The purchase contract you use must be assignable. This means that you have the right to let another buyer “step into your shoes” and take your place in the transaction. While it’s not required, this is usually done in exchange for an “assignment” fee. Legally, any contract that doesn’t prohibit assignment is actually assignable. Despite this, we make sure it’s crystal clear by always including a clause that says the contract is assignable.