All Forum Posts by: Harlan Cox

You're gunna need thicker skin than that to succeed out there.

broker

ˈbrōkər/

verb

gerund or present participle: brokering

1. arrange or negotiate (a settlement, deal, or plan).

   "fighting continued despite attempts to broker a ceasefire"

   synonyms:

   arrange, organize, orchestrate, work out, settle, clinch, bring about;

 If you don't own it and you do something to arrange the sale of it, you're brokering it! Brokering requires a license, pretty simple. :)

@Harlan Cox, you said "I am not aware of the specific text that needs to be in my contract that will enable me to leave a deal at any time". But can you see that unless there IS such text, there is NO leaving the deal at any time!?

It goes back to what @John Thedford wrote: ...Are you informing them (can I add: verbally AND on the Contract) that you intend to assign the contract and if you cannot that you will walk away?

And, do you understand the term: Brokering without a License?...

Brian, on BP we are collectively against deceiving other parties, BS clauses or weasel clauses really don't work in courts. 

If you lay your hand to any contract, be prepared to defend yourself and enforce your contract to the end, at all times, otherwise don't get into contracts of any kind.

Very good advice on getting financing lined up and knowing if your buyers will be interested before you contract!

Wholesalers need to learn how to take an ownership position avoiding the legal issues.

Wholesaling, the way most go about it is not low risk! Their conduct can easily be tortuous conduct, getting sued, fined for license violations, banned from RE dealings, and, if they don't have the means to carry out the contract, some might say fraud. 

There are 3 ways to take title, all with little or no money down, they simply lack enough drive to become properly educated. All aboard the Guru Train the Circus is in the last 3 cars, clowns and all. LOL  :)

 The consequences of being charged with brokering without a license in Florida are not necessarily from a criminal standpoint. That is possible. The state classifies this as a felony. Another consequence should they not prosecute is a cease and desist order and a civil fine. If someone has this occur, it may forever bar them from practicing real estate. If you love this business, love the opportunities, etc...stay within the law. We have two locals that the state has found complaints against them to be legally sufficient. Their names appear on the state website where you can look up complaints for unlicensed activity. No matter the end result, having this as a public record with ones name attached is very negative and may affect their ability to do business even in a lawful manner. I don't know either party, but under no circumstance would I deal with them.

At the moment there have been few prosecutions of those calling themselves wholesalers and acting disreputably.  The proliferation of "practioners" is getting the attention of the licensing boards of several States. Once an Attorney General or two joins the fray wholesalers may change their mind about the risk profile. At the moment, I would agree that is not likely that a "wholesaler" will be fined or prosecuted in most jurisdictions. However, the consequences if you are chosen as a test case are serious--potentially life changing. I also think that it will become more and more likely that individuals will come before boards in the near future. Remember, there is an army of licensed Realtors out there, many of whom think this is their turf and are more than happy to give the licensing departments a call when they see people practicing without a license. So, as Clint Eastwood once said, do you feel lucky?

At the moment there have been few prosecutions of those calling themselves wholesalers and acting disreputably.  The proliferation of "practioners" is getting the attention of the licensing boards of several States. Once an Attorney General or two joins the fray wholesalers may change their mind about the risk profile. At the moment, I would agree that is not likely that a "wholesaler" will be fined or prosecuted in most jurisdictions. However, the consequences if you are chosen as a test case are serious--potentially life changing. I also think that it will become more and more likely that individuals will come before boards in the near future. Remember, there is an army of licensed Realtors out there, many of whom think this is their turf and are more than happy to give the licensing departments a call when they see people practicing without a license. So, as Clint Eastwood once said, do you feel lucky?

Your making wholesaling appear to be an illegal act or something. From my knowledge your are able to legally wholesale in a state if your contract has the proper contingencies. What trouble could I get into if I'm not licensed?