People who are interested in getting started wholesaling properties are not sure sometimes what state laws are concerning this kind of real estate transactions, and nobody wants to break any laws unknowingly.
Well, although every state is different I can tell you that wholesaling is legal everywhere. It's just business and the free market system. You buy low and sell high, nothing to worry about here.
Also if you are not a realtor, you don't have to worry about many things because you are not considered a professional. Even though some realtors don't know Jack: I have some friends who have taken Realtor test - in several different sates - and passed without studying. In most states you only have to score a 70 to pass the exam and get your license. When I was in school that was a D grade. So much for them being professional.
Here is my philosophy about the legal aspect: do what is right and be brutally honest in everything you do - and you will have nothing to worry about. If you are still concerned about the legal aspects, a real estate closing attorney or a real estate specific attorney can point you in a right direction.
Again, the only people that are or should be worried about legalities are people who are trying to cheat people, in my opinion. As long as the purchase is an "As Is" purchase, you are fine. A buyer will not be able to come back on you. Don't be dishonest about anything and don't try to trick anybody in any kind of way. So do right, tell the truth, and you should have nothing to worry about.
Well, although every state is different I can tell you that wholesaling is legal everywhere. It's just business and the free market system. You buy low and sell high, nothing to worry about here.
Also if you are not a realtor, you don't have to worry about many things because you are not considered a professional. Even though some realtors don't know Jack: I have some friends who have taken Realtor test - in several different sates - and passed without studying. In most states you only have to score a 70 to pass the exam and get your license. When I was in school that was a D grade. So much for them being professional.
Here is my philosophy about the legal aspect: do what is right and be brutally honest in everything you do - and you will have nothing to worry about. If you are still concerned about the legal aspects, a real estate closing attorney or a real estate specific attorney can point you in a right direction.
Again, the only people that are or should be worried about legalities are people who are trying to cheat people, in my opinion. As long as the purchase is an "As Is" purchase, you are fine. A buyer will not be able to come back on you. Don't be dishonest about anything and don't try to trick anybody in any kind of way. So do right, tell the truth, and you should have nothing to worry about.
About the Author:
The author, Jesse Davis is an expert wholesaler in the Jackson, Mississippi Real Estate market. Click here for tips on how to wholesale Real Estate and to get a free audio on Wholesaling Real estate
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