Is wholesaling considered illegal in New Jersey?

[Joy Jones]

I’d wholesaling considered illegal in NJ, Saw conflicting answers as to the definition and legality of selling a contract. Any information is helpful. Thank you.

[Jonathan Herron]

@Joy Jones it is legal in NJ so long as it is done right.  If it appears that you are merely acting as a broker for the original seller that would not be legal.  However; as a wholesaler, you are contractually adverse to both the original seller and the ultimate buyer.  By trying to make the original sale price as low as possible and the assignment fee as high as possible you are not an agent of either party.

That said if it appears you are claiming to sell the property and not the contractual rights to purchase the property it might be deemed that you are acting as an unlicensed real estate agent.  Every state has its own laws regarding this so it is important to make sure any information you are getting is NJ specific.