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Updated almost 8 years ago,

User Stats

58
Posts
19
Votes
Rainiel De La Nuez
  • Daytona Beach, FL
19
Votes |
58
Posts

Question about the LAW and Wholesaling in Florida

Rainiel De La Nuez
  • Daytona Beach, FL
Posted

I know that none of these replies will be legal advice and I should consult a lawyer, yada yada yada...

However, can someone dissect this portion of Chapter 475.43 and explain what this may mean to them:

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter.

I am understanding that there cannot be any contract or options which allows an unlicensed person to sell, lease or let real estate just because the contract says so. However, I am not seeing any verbiage about this prohibiting a wholesaler from legally assigning a contract. 

The largest issue I see is the gray area found in "brokering a property" as there may be a need in the case of a contract assignment to offer the specifics of a property (i.e 3br/ 2ba  1500 sqft @ property address). Could this look like one is advertising a property?

Thoughts. Comments. Gripes. Complaints. OR any other input.