“They came for my neighbor who had done more than five seller originated financings last year, but that was OK, because I took back paper on fewer than five properties I sold last year.”
Definition of a Kulak: peasant with more than two cows and one day laborer.
Definition of Enemy of the State: man who sells and takes back paper on more than 5 properties in a year’s time.
Yeh, I know, a little melodramatic.
How are they going to enforce all this? In South Carolina, you need to settle RE transactions through an attorney.
” How are they going to enforce all this? “
All RE transactions, in order to be legitimate, must involve, at some point, a County Recorder of Deeds - simple enough to add the criterion that any transfer of deed must have the lien-holder of record from an ‘approved’ list....
Since it is your business, I suggest you read it.
I don’t read it as eliminating your nitch, but you will have some required disclosure forms to complete.
Oh, yes, the forms. Yes, sir, I have them right here...with my identification papers and licenses to buy and sell real estate.
Look, pal, the very fact that the pointy headed Bolsheviks see any sort of regulatory role at all in private transactions with debt creation is the problem.