Is wholesaling legal in Pennsylvania??

Question

Hi everyone I'm interested in doing wholesaling in Lancaster County but not sure what are the rules or if its legal in PA. I currently live in Ohio and the rules here are a bit different when it comes to marketing the property. We can only market the contract not the property itself. Wondering if Pennsylvania is the same way...

Lydia R. · Answer

@Jonnathan Agudelo There is a guy who has a genius way of marketing his deals and being in compliance with his state wholesaling laws. He takes a picture of the contract in every room of the house and in the front. This way he is only marketing the contract, but the potential buyers can still see the property. I thought it was genius lol

Zachary Coombs · Answer

I recently spoke to Peter DeWitt with https://www.newwestern.com/ They’re a nation wide company who has operations in PA. May want to ask for their input in the nuances of the industry.

Dennis Wayne · Answer

Well You must state clearly that you are selling the contract not the real estate , big difference ! if you don’t that is illegal and your acting as a non licensed agent which can carry a 10k fine . Just be straight up about your position and honor your word to the end . Never pretend you own it or are the realtor .

Account Closed · Answer

It is legal, I closed on one last year and I live in NY. PA makes you pay double transfer tax on assignments because they qualify transfer of equitable interest as a taxable event. You can negotiate with the buyer or seller to pay the taxes for you, instead I included a buffer in my fee to pay for it. Like @Dennis Wayne said, you are marketing the contract... not the property.

Remington Lyman · Answer

Here is a good video The Ohio Division of Real Estate made about wholesaling in Ohio https://www.youtube.com/watch?v=9fi54S8nwUA https://www.com.ohio.gov/real/

Is wholesaling legal in Pennsylvania??

Is wholesaling legal in Pennsylvania??

Most Popular Reply

5 Replies