South Carolina Real Estate Wholesalers Now Required to be Licensed
If you’re a real estate investor in South Carolina and you are wholesaling properties, the Labor Licensing Regulation Department otherwise known affectionately here at LLR, has come out and said that if you are wholesaling and then advertising expecting to get paid a commission, then you are by definition a “broker” and licensing is required. Don’t take this post and my comments as legal advice. I’m passing along information published by LLR. Be sure to consult with your own legal counsel.
Be sure to read page 3 on wholesaling of the LLR May 2022 Newsletter.
“At recent Commission meetings, there have been discussions regarding this wholesaling trend,
or the marketing of assignable contracts/equitable interests in real property by individuals who
are not the legal owners of the properties. The Commission has interpreted that the advertising
of real property belonging to another with the expectation of compensation falls under the
statutory definition of “broker” in S.C. Code Ann. § 40-57-30(3) and requires licensure. If
unlicensed individuals are advertising these real property interests publicly with the expectation
of compensation, the Commission has directed that Cease and Desist Orders be issued against
those individuals to stop them from engaging in unlicensed practice.”
About The Author
John Murphy
Husband of 34 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 15-31 and 5 grandchildren. I’ve been a licensed REALTOR since 2003 and broker since 2007. I also am a cost segregation specialist helping building owners and real estate investors maximize their tax deductions, save thousands on their income taxes and increase their cash flow. If you’re a building owner you probably haven’t done a study…let’s connect. There is no obligation. We can run an estimate for you and really every building should be evaluated if the basis is over $150,000. I can work all over the country and not just here in the Upstate. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either eXp Realty LLC, Cost Segregation Services, Inc. or any other company, organization or group that I might be affiliated with.