I want to wholesale properties that I entered in a contract to buy. Can I assign these houses if I were a Texas Real Estate License holder. No broker.
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I want to wholesale properties that I entered in a contract to buy. Can I assign these houses if I were a Texas Real Estate License holder. No broker.
I want to know if there is a problem if I were a held a salesperson license and was with a broker. Could I seperately enter into contracts to buy homes under my own LLC and then assign these contracts for monetary value.
Asked on May 30, 2009 under Real Estate Law, Texas
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If I understand you correctly, you've invested, or want to invest, in some homes, and resell them or assign the contracts for profit, and you are, or are thinking about, working as a real estate salesperson in a brokerage at the same time.
I'm not a Texas lawyer, and the laws of the states vary some, but I'd think you'd have some problems here. I think you need to discuss the entire situation -- and I'm sure that there's more that you haven't included, which might well be very important -- with an attorney in your area, for sound advice. One place to look for a lawyer is our website, http://attorneypages.com
The biggest potential problem I see here is conflict of interest. If you're selling homes outside the multiple listing system (which is the bread and butter for most brokers), you're really competing with your own boss. Bosses tend not to be all too happy about that. And if you do it without disclosure, you may be violating real estate ethics rules.
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