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Updated almost 7 years ago,
CA Realtor, how do I wholesale properly?
Hello everyone, I am a Realtor in the state of California. I am trying to wholesale a property I have identified already. The seller understands I wont be acting as a broker in the transaction and have found the potential buyer to assign the contract to. The hardest part is the contract. Can I use my Zip forms? If so do I just leave the Broker information blank? Do I write an addendum to explain that I am acting as a principle not a broker? Do I fill out and sign the Seller Non-Agency Agreement or the Buyer Non-Agency Agreement even though the Real Estate Purchase Agreement does not have me listed as a broker? I spoke with my compliance department in my company and she addressed how difficult it would be to separate myself from my real estate knowledge and from my responsibilities as Realtor. I was thinking of putting someone else as the buyer but my compliance department said if I guide them in any way or tell them what to do I would be acting as a broker. Furthermore, if the seller or buyer were to come after anyone I would be liable, I wouldn't be properly protected, put my company at risk, and Zip forms are proprietary documents with an intended use, and the California Association of Realtors could come down on me for improperly using their documents. How do I protect myself from the worst case scenario? How do I wholesale as a California Realtor?