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In this episode, we dive into the legalities surrounding property sales, exploring the importance of ownership and consent. Find out why only licensed real estate agents in the United States have the authority to offer properties for sale that aren't their own as they navigate the delicate balance between ownership rights and selling obligations. Join us for an informative and eye-opening discussion!
You can read more about Can You Offer Real Estate For Sale That You Don't Own? by clicking here (https://real-estate-crunch.com/can-you-offer-real-estate-for-sale-that-you-dont-own/) .
#RealEstateCrunch #PropertySales #OwnershipRights #ConsentMatters #LegalitiesOfRealEstate #LicensedAgents
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0:00
you know selling property you don't own
0:02
is illegal and can constitute fraud so
0:05
this is where it actually becomes very
0:09
important for you to understand this is
0:11
that you can be charged with both civil
0:14
and criminal fraud
0:19
[Music]
0:23
charges hi this is Anita from Real
0:26
Estate crunch today I want to talk about
0:29
and kind of answer the question it might
0:31
seem like a really obvious answer to
0:33
this one but this is actually quite an
0:34
interesting question can you offer real
0:37
estate for sale that you don't own well
0:40
the question to that is you cannot in
0:43
the United States offer real estate for
0:46
sale that you have no legal right to
0:48
sale but it even goes a little bit
0:50
deeper than that you know in the United
0:53
States the law is pretty strict about
0:54
who can sell property you cannot sell
0:57
real estate if you do not own the
1:00
property unless you have a legal right
1:02
to do so let's say for example you have
1:05
a friend named Joe and Joe says to you
1:08
hey I want you to help me sell my house
1:11
and you say sure Joe I love to sell
1:13
things I can help you sell your house
1:16
you cannot legally do that in the United
1:19
States and this is where this question
1:20
becomes very confusing because only real
1:23
estate agents can sell property with the
1:25
owner's consent or as a legal
1:28
representative to sell the property so
1:30
even Joe says to you hey I want you to
1:32
sell my house if you are not the owner
1:35
of the house you really legally cannot
1:37
sell the house for Joe because of the
1:40
fact they you are not a real estate
1:42
agent now if you're a real estate agent
1:44
in like let's say in Mississippi and Joe
1:48
lives in
1:49
Colorado and Joe says hey you know I
1:53
know you sell lots of you know real
1:54
estate in Mississippi so why don't you
1:56
come sell my house in Colorado unless
1:59
you are a licensed real estate agent in
2:01
Colorado you cannot sell his house for
2:04
him in Mississippi so real estate agents
2:08
can only sell property for where they
2:10
are board certified so that is where you
2:13
know this really becomes very confusing
2:15
it's not such a quick and easy answer is
2:19
you know yes or no that you can't so if
2:22
you want to sell real estate for someone
2:23
you need to have a valid real estate
2:25
license in the state where the property
2:29
is located
2:30
licensed real estate agents cannot sell
2:32
property in another state if they do not
2:35
own the property now if you own the
2:38
property you can sell the property
2:39
yourself which is for sale by owner but
2:42
if you do not own the property you
2:44
cannot the laws governing who can sell
2:47
property in the United States is
2:50
actually pretty strict so you know that
2:54
is why only licensed real estate agents
2:57
in that state can sell the
3:00
property you know selling property you
3:03
don't own is illegal and can constitute
3:06
fraud so this is where it actually
3:09
becomes um very important for you to
3:12
understand this is that you can be
3:15
charged with both civil and criminal
3:18
fraud charges so if a friend asks you to
3:21
you know to sell a property you need to
3:23
tell them no unless you are a licensed
3:26
real estate agent in that state you
3:28
could be charged with civil damages you
3:31
know that um even if you think this is
3:33
your best friend in the world and they'd
3:35
never charge you you could still be
3:37
charged with civil damages if something
3:39
goes wrong with the sell of the property
3:42
the damages may include things as a
3:44
financial loss due to the fraudulent
3:47
sale and loss in rental income attorney
3:50
fees and other costs you could also be
3:52
charged with criminal damages you know
3:55
and in addition to civil damages you
3:57
could also be criminally liable and
4:00
these could result in things as Hefty
4:01
fines imprisonment or other serious
4:04
consequences such as that can impact
4:06
one's personal and professional life
4:09
there have been instances where people
4:11
have faced legal consequences for
4:12
attempting to sell property they did not
4:14
own and 2019 a California man was
4:17
sentenced to 5 years in prison for
4:19
attempting to sell a home he did not own
4:22
he forged a sales documents and create a
4:24
fake lease agreement to deceive
4:26
potential buyers in New York there was
4:28
also another case of man that was
4:30
charged with Grand Theft for selling a
4:32
building he did not own um he created
4:34
fraudulent documents and Ford signatures
4:37
to sell the building for 3.7 million and
4:40
he was arrested and also was P
4:42
prosecuted under the law can be
4:45
prosecuted under the law if you attempt
4:48
to sell property that you don't own and
4:52
that's where it's really important to
4:54
understand this you might say sure you
4:55
can't sell property you don't own but
4:57
even if you have your best friend in the
4:59
world want to help you sell the property
5:01
unless you are a licensed real estate
5:03
agent you need to say no unless you are
5:07
the owner of the property if you'd like
5:09
to read more on this I have a um a Blog
5:12
entitled can you offer real estate for
5:14
sale that you don't own and in that blog
5:17
too I also talk about some steps about
5:19
how to become a real estate agent some
5:22
things you need to do to become a real
5:23
estate agent and why if you want to sell
5:25
property you should become a licensed
5:27
real estate agent this is a from Real
5:30
Estate crunch thank you so much for
5:31
listening I I do appreciate you joining
5:34
our community and being part of us thank
5:36
you for listening to our podcast for
5:38
just a few minutes each week to learn
5:40
something new about real estate and we'd
5:42
like to thank our team that puts
5:43
together especially for Rico for helping
5:46
make all this
5:48
[Music]
5:53
possible
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