Why is a "Double-Closing Illegal? And what is the difference

[Roger J]

Good.  Then I the majority of NY and NJ RE agents should know all about sub2's then. I'm sure.

However, I'm not talking about a plain-jane RE agent.  I'm talking about a card carrying member of the Nat'l Assoc. of Realtors, my friend.

That li'l ol' organization has a small ol' thing called a code of ethics.  In it, it says that as a Realtor, we will not promote clients to break contracts in which they have entered into of a legally binding nature.  An example of that would be a violation of the DOSC in a mortgage contract.

So, in short, if you encourage the action, then you are in violation of the COE.  If you know about the action and fail to report it, you are in violation of the COE.

Plain and simple.  Just read the COE or look up the cases concerning it.

And yes, we as agents, are NOT supposed to be giving legal advice.  That includes telling someone THAT it is okay to sell via sub2 WITHOUT that advice from an attorney.

Raj

[torojd]

I sold my property in 4 days becasue at the time i was licensed (agent),

I had the h/o deed the property to my LLC .
My LLC then hires me to list the property for sale.
I listed it on the MLS and another agent brought me
a buyer who was already qualified.

[NJbird_dog]

I sold my property in 4 days becasue at the time i was licensed (agent),

I had the h/o deed the property to my LLC .
My LLC then hires me to list the property for sale.
I listed it on the MLS and another agent brought me
a buyer who was already qualified.

Was this a short sale? I don't understand your objective in this. Why
didn't the h/o just hire you to list the property?

[LAHomeSearch]

I doubt it is illegal, but the bank will be pissed because they hate loaning more than the house is "worth," but that's the bank's problem ... I agree with the person that said show me what law is broken.