Wholesaling in South Dakota

[Amy Atkinson]

Does anyone know where I could go to find out the legality of wholesaling properties in SD? I called the real estate commission and they said wholesaling is not legal in South Dakota without a real estate license? They said anytime you're involved in buying or selling activity for compensation, you need a license. ???

[Gunnar Barbee]

They're confused.

First you need the proper contracts that have the proper clauses and terms. Once you have a property under contract that's called equitable title, that's all you need to tell anyone that says you need a license.

When you get a house under contract you have the right to market the property. Not the right to represent the seller themselves. You'll need a license to represent the seller but no to represent the property.

You can sell anything, as long as your not trying to represent anyone.

I do all my deals through Gettys title, even assignment deals where I walked out with $50,000 checks, So if it wasn't legal that wouldn't be happening.

Goodluck!