wholesaling / contract assignment in Pennsylvania... Is It Legal?
Hey guys, I am new to Bigger Pockets and I am so glad that I found it. I am new to the world of RE investing and in fact still in the educational part of it. Complete a first deal in the next 3-6 months is a personal goal I have set for myself. I had done massive amounts of research and read books upon books about real estate investing. One of the biggest questions I have because I am hearing so many different things from different people in my area is if wholesaling a property or assigning a contract is legal in PA. I have gotten several different answers about this and I am sure that this has been brought up on these forums but I can find anything that was updated recently. Some say that it can land you in a tough situation because when wholesaling or assigning a contract you are essentially acting as a RE agent without a license. hopefully someone can shed some light on this topic for me. I will actually have my RE license in about 6 weeks anyway. Also I am aware of Pennsylvania also have some taxation that must take place when assigning contract. A title company that I spoke with had mention something they called a double transfer tax. This is all new information to me. Can someone please break this down for me? any comments and suggestions are appreciated guys. Thank you!