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Updated over 4 years ago,

User Stats

26
Posts
7
Votes
Mark Choi
  • Real Estate Agent
  • New York City, NY
7
Votes |
26
Posts

Wholesaling in New York legality - attorney's please...

Mark Choi
  • Real Estate Agent
  • New York City, NY
Posted

Calling all NY attorneys who specializes in real estate for your advice. 

A little help please!

I'm NOT a licensed real estate agent.

I hope to be wholesaling my first deal before the end of July.

By wholesaling I mean:

1) obtain signed purchase agreement from a seller;

2) contact an investor and assign this agreement to this investor;

3) I receive an assignment contract fee from the investor;

4) the investor closes with the seller.

During my studies tonight, I stumbled upon this NY State law that gave me pause. I've been taught by over 20 educators/gurus/veterans (take your pick) that wholesaling is legal to do without a license. I cannot tell if the following is describing what my plans are or not. 

Hope I can continue with confidence.  Thanks in advance.

Licensing requirements for Real Estate Salesperson State of New York

https://labor.ny.gov/stats/olcny/real-estate-sales...

Description:

Under the supervision of a licensed real estate broker, a real estate salesperson facilitates the purchase and sale of property on behalf of customers, obtains lists of property for sale with employing broker; assists buyers (customers) of real estate to locate and purchase property (listed with employing brokers or another broker). A real estate salesperson is associated with a real estate broker to list and negotiate the sale, lease, or rental of real property for others for compensation, under the direction and guidance of a responsible broker. A salesperson cannot operate independently.

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