Wholesaling houses can be profitable, but it’s essential to understand state-specific laws first.
Wholesaling Regulations
- In Nevada, wholesaling contracts require a license.
- Make sure to enter into a contract with sellers before bringing in buyers.
- In California, soliciting properties or publicly advertising deals necessitates a license as well.
Liquor and Prostitution Laws
- Individuals under 21 are prohibited from publicly possessing or consuming alcohol.
- On The Strip, those under 18 are not allowed from midnight until 5am.
- The Strip is generally safe at night with plenty of lighting and people around.
- Fines for swearing on The Strip start at $100.
- Prostitution is only legal in licensed brothels, not in Las Vegas.
Assignability of Real Estate Contracts in Arizona
The general rule under Arizona law is that a buyer’s interest in a real estate purchase agreement is freely assignable, provided there are no restrictions or prohibitions in the underlying purchase agreement.
Real Estate Contract Contingencies in Arizona
A contingency in an Arizona real estate purchase contract is a condition that must be met before the contract can become legally binding. Some common contingencies include:
- A successful home inspection
- The buyer obtaining financing
- The home appraisal meeting or exceeding the agreed-upon purchase price
- The successful sale of the buyer’s current property
Wholesaling Considerations
Is it easy to wholesale houses? Wholesaling can be an entry point into real estate investment with little capital or experience required. However, this does not mean the process is easy or that profit will come quickly. It entails hard work and carries significant risks if you are not well-informed.
Arizona Real Estate Contracts
An Arizona real estate contract, also known as a real estate purchase and sale agreement, is legally binding if written under the Arizona statute of frauds.
Professional Expertise in Real Estate
MacQueen & Gottlieb offers significant experience with real estate commission disputes in Arizona. They can assist with pursuing the appropriate legal remedies in any potential real estate commission disputes.