Disclosure Requirements for RE Agents Engaged in Wholesaling?

[Drew Clements]

I'm working on getting my RE Sales Agent license here in Utah and I also have an interest in wholesaling. The topic of disclosure requirements for agents engaged in wholesaling surfaces every now and again, but there definitely seems to be a lot of confusion on the subject. I know there are quite a few of you out there that are licensed wholesalers - what are the disclosure requirements (assuming these may vary by state)? Have you ever had a situation that made it difficult to properly disclose everything? Any tips for dotting all the "I"s and crossing your "T"s with this requirement?

[Jeffrey S. Breglio]

As always make sure you disclose that a party to the REPC is a licensed agent.

Next, since you need to use the Utah REPC, which is not assignable, you have to either use the assignment addendum, or create your own addendum getting seller's permission to assign. I prefer customizing your own rather than the Utah one.

The rest are the standard wholesaling disclosures that all wholesalers use to protect themselves. It's a long list to put here. But if you have good wholesaling documents, they will be in there.

Jeff