wholesaling vs. real estate agent in UT.

[Zachariah Tuck]

I am wondering if anyone is familiar with wholesaling in UT, and the legality involving holding a real estate license while offering a wholesale contract. I recently came across a property in UT, and prepared comps, property analysis, and presented to my investor. Now I did not have the property under contract, however after doing hours of work and using my team to get details together, the investor then moved behind my back and pulled in their real estate agent on the property. and made a deal cutting me out of the process. There was over $150,000 in ARV equity

I did not put the contract under contract because I have not familiarized myself with UT law on wholesaling, nor have I found a legal representative inside the state yet.  So I recognize the backhand is my own demise.  However I really do not want put myself or my team in this position again.

Is there anyone familiar with Utah state law and any conflicts with wholesaling if I were to get a real estate license?

Does anyone have an attorney they use in the state for wholesaling contracts or someone versed that can point me in the right direction for legal questions/advice?

Note:  I am not a current UT real estate agent.  I just moved back after being out of state for several years.

[Logan McKay Zylstra]

No license needed. No real regulation here in UT regarding wholesaling.

You already learned, but be careful sharing info before getting properties under contract.

[Zachariah Tuck]

Thanks Logan,

My research indicated that their had to be specific language when offering contract during wholesaling.  I've learned before, and I am sure i'll learn something new tomorrow as well.  This was someone I have not worked with before and timing was to perfect.  Yes I should have done my due diligence, gone under contract and only offered the contract and not shared excessive information, but their will be another.

I know that no license is needed for wholesaling. However do you know if there is a conflict of interest. If I obtain my real estate license, then again 5 weeks from now am presented with a property by an owner that does not want to list on the MLS, can I put that house under contract for a potential investor.

I do apologize if this sounds primitive.  I am just trying to change my toolbox.  I have always been the contractor, and I know that I can't continue to do that for another 20 years, so trying to make a change.  Any legal professionals want to chime in?  Or I can schedule an appointment.

[Logan McKay Zylstra]

I don't think there would be an issue there as long as you have your realtor hat on first and foremost. If they want the ease and convenience of a cash sale, wholesaling may be in their best interest. I just wouldn't recommend too large of a wholesale fee.

[Zachariah Tuck]

Thanks for getting back to me Logan.  Just making sure that I'm not breaking any rules.  I'll keep pushing forward.  If anyone else is watching this post.  If you're a realtor in North Utah Southeast Idaho I'd like to get in touch with you.  

[Eliott Elias]

I would get your license and wholesale