Wholesaling in Ohio

[Rusty Glines]

I am checking around with different title companies as I have seen here on BP to do so.  I explained what I am wanting to do as far as wholesaling.  I explained how I planned on assigning the contact to a buyer.  The lady said she would have to check with her boss.  Well she called me and said that was illegal.  She said I would have to buy the property first and then do another close and sell it to a buyer.  She said that was call Good Fund Law in Ohio.  I am not sure that is correct.  Any suggestions??

[Brian Hayes]

Originally posted by @Rusty Glines:

I am checking around with different title companies as I have seen here on BP to do so.  I explained what I am wanting to do as far as wholesaling.  I explained how I planned on assigning the contact to a buyer.  The lady said she would have to check with her boss.  Well she called me and said that was illegal.  She said I would have to buy the property first and then do another close and sell it to a buyer.  She said that was call Good Fund Law in Ohio.  I am not sure that is correct.  Any suggestions??

 First find a new title agency familiar with Ohio laws.

The "law" she is referring to is ORC 1349.21 and she should specifically review section 4 of that code.