Are wholesalers authorized to sell property?
This article from the Ohio Association of Realtors came out today. Towards the bottom they listed the people who are authorized to sell a property...Note that "Wholesaler" is not included.
Thoughts?
Legally speaking: Does Ohio license law require a listing to be in writing?
On September 12, 2016
By Lorie Garland, OAR Assistant Vice President of Legal Services
The OAR Legal Assistance Hotline receives an array of real estate-related legal questions — including license law issues, disclosure, contract law, ethics and commission problems, among others. In an effort to help you work within the law, our “Legally Speaking” series spotlights some of the timely questions that are being asked by REALTORS. The following explores common questions about listing agreements…
Q: Does Ohio license law require a listing to be in writing? If a listing agreement is in writing, who is required to sign the listing agreement on the seller’s behalf?
A: Ohio license law does not require a listing to be in writing. However, the license law does provide that a licensee can be disciplined for offering property for sale without the knowledge and consent of the owner or the owner’s authorized agent, or on terms other than those authorized by the owner or the owner’s authorized agent. So that a licensee can easily prove he has the owner’s consent to market the property and on what terms, it is strongly recommended that the listing be in writing. Any subsequent change in the terms of the listing, such as the list price or expiration date, should be confirmed in writing.
To offer a property for sale, the license law requires the consent of the owner or the owner’s authorized agent. The Ohio Division of Real Estate and Professional Licensing has interpreted owner to be the title holder. Therefore, the title holder of the property should sign the listing agreement. If title is held by more than one individual, it is best to have all title holders sign the listing agreement. If the title holders have authorized one of the title holders or another individual to handle the sale of the property, the listing agreement should be signed by the person so authorized. If someone claims to be the authorized agent of the title holder(s), documentation should be requested to confirm their authority to sell the property. Below is a list of common entities that may hold title, their authorized agent, and authorizing document:
| Title Holder | Authorized Agent & Authorizing Document |
| Partnership | General partner or as authorized in the partnership agreement |
| Corporation | President or other officer as authorized by the corporate documents |
| LLC | Managing member or as authorized in the operating agreement |
| Trust | Trustee(s) as authorized by the trust documents |
| Estate Owned Property | Executor of the Estate as provided in the will; orAdministrator of the estate as appointed by the court |
| Power of Attorney (POA) | Individual authorized by the POA to handle the sale of the property |
