I was just talking with a Seller and he would like to do an option with me on his house… BUT he said he wants to pay me 3% of whatever I sell it for plus I get to keep anything above 730k.
Could this be construed as being an agent without a license? I’m in Virginia.
What do you guys think?
are you a party to the contract or a representative of the seller. if you are acting solely as a representative to the seller, i.e. agency relationship, you probably need to be licensed. check your state real estate laws, usually available at the real estate commission. your nomenclature may be confusing you and others as if you are “getting an option” that sounds like you are buying the right to purchase the property.
Yeah… I mean buying a right to purchase. It was me who came up with this question… the Seller thinks its fine. I’m just not sure if that may be thought of as being an agent if I get a flat fee. Thoughts?
if you are representing their interest in a sale you are acting as an agent and probably require licensing.