Wholesaling in New York legality - attorney's please...
Calling all NY attorneys who specializes in real estate for your advice.
A little help please!
I'm NOT a licensed real estate agent.
I hope to be wholesaling my first deal before the end of July.
By wholesaling I mean:
1) obtain signed purchase agreement from a seller;
2) contact an investor and assign this agreement to this investor;
3) I receive an assignment contract fee from the investor;
4) the investor closes with the seller.
During my studies tonight, I stumbled upon this NY State law that gave me pause. I've been taught by over 20 educators/gurus/veterans (take your pick) that wholesaling is legal to do without a license. I cannot tell if the following is describing what my plans are or not.
Hope I can continue with confidence. Thanks in advance.
Licensing requirements for Real Estate Salesperson State of New York
https://labor.ny.gov/stats/olcny/real-estate-sales...
Description:
Under the supervision of a licensed real estate broker, a real estate salesperson facilitates the purchase and sale of property on behalf of customers, obtains lists of property for sale with employing broker; assists buyers (customers) of real estate to locate and purchase property (listed with employing brokers or another broker). A real estate salesperson is associated with a real estate broker to list and negotiate the sale, lease, or rental of real property for others for compensation, under the direction and guidance of a responsible broker. A salesperson cannot operate independently.