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lease options in NC


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#1 D-MACC

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Posted 09 June 2011 - 07:44 PM

I am a licensed broker and I am interested in doing lease options and wholesaleing.
I have contacted the legal department of The NC Real Estate Commission and they deferred me to a local attorney. The attorney is not sure either.
As long as everything is disclosed, should there even be an issue?
Is anyone licensed and doing these in NC?

Thanks for any help.
Michael

#2 Lynn (FL)

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Posted 09 June 2011 - 07:48 PM

Michael,

I'm not an attorney, and have never played on on TV. Shoot, I don't even live in NC, but why couldn't you??? As long as you act as a principle, and disclose that you're a broker.

Lynn (FL)

#3 <Steve>

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Posted 09 June 2011 - 07:59 PM

True for the most part it is a nonissue kinda.

The law in place now does have specific guidelines to follow however. 75% of it requires specific information be included in the option agreement, no biggie. There is no case law, so I have heard other attorneys and investors say them same thing. Obviously, with the amendment to the law it is still in flux and as issues come to court down the road more will be defined.

By-the-way, I get leads in other cities in NC where are you located if I can ask? Sorry don't know your name D-MACC. You can PM me if you would like or post here.

Just a kid living the dream


#4 D-MACC

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Posted 09 June 2011 - 08:09 PM

I live in the Hickory area.

I have been in real estate for awhile, I just don't see an issue with full disclosure.

#5 <Steve>

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Posted 09 June 2011 - 08:23 PM

Yes, full disclosure is good. I knew someone in that area years ago who was rolling with L/Os. I think he has moved on now. If I get any leads in that area I would be glad to send them your way.

Just a kid living the dream


#6 D-MACC

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Posted 09 June 2011 - 08:33 PM

Steve,

I would appreciate that, getting started I can use all the help I can get.




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