Hello Fellow BP members!
I've been approached by someone to sell a commercial property, I already have an interested buyer......the only problem is, I don't have a broker's license. Is there anyway to get an exclusive right to sell contract without having a broker's license?
Any information will be greatly appreciated!
No, you have no interest in the property. Obtain an interest and sell your interest, not the property. :)
Thanks for the advice! Is there a contract you recommend for that? I just want to make sure I'm protected if I introduce the 2 parties.
You don't want to be practicing real estate without a license.
You get the property under contract at a certain price in your name. You then can assign the rights to your contract to the buyer at a higher price.
You can also have consulting fees etc. in commercial as it doesn't fall under RESPA and what you can do is more lenient. You need to get an attorney for a consult at least to see what's possible in your area and the proper ways you can set things up.
You can get them to sign a NCND and all of that but they still might try to cut you out. This is why you need to control the property with a strong contract and assign your rights.
No legal advice.
Thank you for the info! Reaching out to an attorney now!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing