A friend just said that in his RE class his instructor, who is also an investor, read the Indiana code and an corp cannot sell property without going through or being a broker.
Is this true?
IC 25-34.1-3-2
Transactions without license; prohibition; exemption
Sec. 2. (a) Except as provided in:
(1) subsection (b);
(2) section 8(i) of this chapter; and
(3) section 11 of this chapter;
no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license.
(b) This article does not apply to:
(8) acts performed by a person in relation to real estate owned by that person
IC 25-34.1-1-2
Definitions
Sec. 2. As used in this article:
(1) “Person” means an individual, a partnership, a corporation, or a limited liability company.
So, I would say “no,” he is not correct. However, I am not an attorney and not licensed to practice law.
the key there is:
(b) This article does not apply to:
(8) acts performed by a person in relation to real estate owned by that person
brokers are used to negotiate on behalf of another person (owner) of real property, business, estate, etc.
if you, as an investor - OWN THE PROPERTY or the contract to buy the property - then you have a personally vested interest in it. you’re selling, trading, exchanging it on behalf of YOURSELF.
i am also not an attorney in any state. just talk TO YOUR LAWYER. if you don’t have one - get a free consultation from one, two, three, four, etc and ask this question during your free consult.