OfflineHi,
I was called out by a RE Broker stating I cannot leagally except monies from lease option deals as I'm not a RE Agent with a license...I'm in Massachusetts and I was under the impression it is OK.
An attorney told me you can accept monies as an Investor or be fined $500 for each deal.
Anyone know for sure??
Also, in MA, it states in the RE Agents must work for a Broker for 2 years, splitting their deals and giving any and all monies to their Broker who then pays them a percentage.
The States RE laws also state that an Agent cannot have a RE business on the side while working for a Broker.
Anyone know for sure?
thanks
fred
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Fred,
I am in Iowa and have never heard of this type of Real Estate Law so I may not be of much help. But try asking another attorney about lease options, or better yet call 20 ads for Rent To Own or Lease Option in your area and ask for advice or ask for a referal to a Real Estate Attorney that can help you.
I live in Iowa and own a property in IL and I do not have a liscence. How does massachusets define if your an Investor? Why would you be fined for accepting payments for a lease option if your not an investor? Does the city require that if you own a property and rent/lease option that you must have a liscence to rent/lease option your property?
All you can do is ask and find out an answer.
Please post your answers when you find out.
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