Massachusetts LegalLife Multistate Guide and Handbook for Selling or Buying Real Estate
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FAQ
Wholesaling is not illegal per se in Massachusetts. But a great many of the activities commonly engaged in by wholesalers are.
By contrast, Massachusetts does not require sellers to provide a disclosure form or statement to potential buyers. If you work with a real estate broker or agent, he or she may ask you to complete a statement that will include a provision that indemnifies the broker or agent for any misstatements or errors on the form.
Wholesaling real estate is legal if it is done right. This means that you have to establish a bilateral contract between you and the seller that stipulates that you are acquiring equitable interest. You also need to prove that you have intent to purchase by providing a proof of funds letter.
No, in Massachusetts, it is not necessary to notarize your will to make it legal. Massachusetts does, however, allow you to make your will "self-proving." A self-proving will speeds up probate because the court can accept the will without contacting the witnesses who signed it.
Wholesaling is dead. Although in many markets it's harder to find deals, this strategy is not dead.
Massachusetts is one of few states that still follows a legal rule known as caveat emptor, or buyer beware. This basically mean there is not a lot you are legally required to disclose to the buyer when selling your property.
Yes, you can wholesale houses without a limited liability company (LLC). However, it is advisable to create an LLC and then wholesale houses. Many wholesalers, unfortunately, make the critical mistake of not creating or procrastinating on setting up an LLC.
Wholesale does not have to be limited to in state properties. You can also wholesale properties out of state as well.Since the seller's contract has been passed to the investor, the homeowner can take the money made from selling the contract, minus the extra that goes to the wholesaler's profit.
There is no requirement that you hire a real estate lawyer in Massachusetts. But when selling a large asset, having proper legal protection and guidance is recommended. Typically, the buyer will have an attorney and the seller of a house should also have legal representation.