Broker Property Real With A Lighter In Philadelphia
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Understanding the New Regulations on PA Wholesalers In 2024, Pennsylvania enacted Bill 52 which requires wholesalers to register with the state, obtain licensing and follow disclosure policies. This will take effect January 4, 2025. It is aimed at increasing transparency and regulation in the wholesaling market.
On July 8, 2024, Gov. Josh Shapiro signed Act 52 — the Wholesale Real Estate Transaction Transparency and Protection Act — into law, which requires real estate wholesalers to obtain licensing and grants additional protections to property owners in wholesale transactions. Act 52 will take effect on Jan. 4, 2025.
Pennsylvania's new law introduces sweeping changes to real estate wholesaling. In 2024, Pennsylvania enacted Bill 52 which requires wholesalers to register with the state, obtain licensing and follow disclosure policies. This will take effect January 4, 2025.
Visit the Permit and License Center. To get a Commercial Activity License, you need your City tax account information. If you do not already have a City tax account, you can visit the Revenue Department, also located at the Municipal Services Building, Concourse. This license is issued while you wait.
Yes, a real estate wholesale deal can involve a double closing in Pennsylvania. This practice entails the wholesaler buying the property and then immediately selling it to the end buyer, requiring two sets of closing documents and transactions.
You Need a License to Wholesale Real Estate in Philadelphia To legally wholesale real estate in Philadelphia PA, you need a license. If you don't get a license and try to wholesale a property in Philly, someone could report you.
To legally wholesale real estate in Philadelphia PA, you need a license. If you don't get a license and try to wholesale a property in Philly, someone could report you. Wholesalers want to avoid this. You could get slapped with fines and end up with big issues.
This means that anyone who wants to do a wholesale transaction for themselves or represents a wholesaler who is selling a property must have a real estate license. Act 52 of 2024 was signed into law in July 2024 and modifies RELRA to provide uniformity in real estate licensing and protect vulnerable consumers.
Yes, wholesaling real estate is legal in Pennsylvania as long as you follow the real estate laws of the state. As a wholesaler, you should be transparent about your role in the transaction. Remember, at no point should you act like a licensed real estate agent representing the seller or the buyer.
