Is a broker's license required to wholesale in Pennsylvania?
Hi there,
I have wholesaled properties for the past 5+ years without a broker's license. Title companies that we've closed with and my RE attorney have never questioned whether we have a license or whether what we are doing is legal. However, I find it hard to explain to those who don't understand that a license is not necessary (i.e., anyone not familiar with the business). My answer has always been that I am not representing either the buyer or the seller in the transaction since I am only selling my contract to purchase the property.
So, for any PA investors and I guess investors in general, how do you answer this question: "Do you have a broker's license and if you don't, isn't what you're doing illegal?"
Thanks!