Illinois Wholesaling - You need a Real Estate Broker's License
Real estate investing in Illinois is changing!! Effective immediately, you have to have a real estate broker's license to wholesale real estate in Illinois if you do more than 1 transaction in a 12 month period. On Friday, August 9, 2019, Gov. Pritzker signed the updated version of the Real Estate Licensing Act of 2000 which changed the definition of "Broker" to include those who wholesale (see Sect. 1-10(5)).
In this video I discuss:
Why the change occurred
Consequences for violation
Review of alternatives including - transactional funding & parternering with a broker and how they do NOT solve the problem
Discussion of what to expect from other players in the industry - title companies, attorneys and real estate brokers.
Real Estate License Act of 2000 is revised to require people engaging in wholesaling to have a real estate broker's license in Illinois. The definition of Broker within the act was expanded to include activities typically known as wholesaling. Therefore, if you do more than 1 wholesale deal in a 12 month period you will need a real estate broker's license.