Real Estate Agent And Investor Legality
Me, My Wife, and My parents want to start purchasing rehab homes for resell. My wife is a real estate agent and will be handling all the buying/selling. Is there any downside to this or legal issues being that she will be making commision on every house we buy and selling for as little as 3% commision(buyers agent 3%, her commision 0%). [ Edited by pomaikai on Date 05/26/2004 ]
That depends on your states laws. I am in the same boat in Oregon at the moment.
In Oregon a an agent or spouse of one must disclose agency status at the first written communication between the parties. IF the agent is active then they must use the agent's broker to escrow all funds and push all paperwork through their principle broker.
[addsig]
I used to write " buyer ( buyer's wife, brother, sister or whatever) is a licenced real estate broker in the state of MA" in all offers I presented that it applied.
This pretty much discloses it.
Best of luck
JohnNH