Q: Can someone please explain the legality of assigning contracts for a fee without a real estate and/or brokers license?
I am hoping someone can explain the whole process of how/why assigning contracts is legal or illegal in Illinois. Without a real estate/brokers license, that is. I've done so much research upon the topic and I have yet to find a (or what seems like a) legitimate answer. Can someone maybe explain to me if there actually is a law that blatantly states such activity is illegal, or maybe why someone could/couldn't get in trouble for this?
EDIT: For example, say there is a house in poor condition where the seller wants $15,000. You write a purchase agreement contract with the seller at $15,000. During your “due diligence” period, you then turn to a flipper/buyer and offer to assign that contract to them for a fee of $5,000. The buyer pays $20k total. The seller gets the $15k they wanted. You get $5k for assigning the contract.
I apologize for the lack of example, I ran out of character space to type.
A:
Please explain what you mean by assigning contracts.
Give an example.
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