Illinois allows one wholesale deal a year without a license.
Under Illinois' Real Estate License Act, wholesaling more than one property in a 12-month period requires a license. Here's what that means, and where funding fits.
What the law does
Illinois' Real Estate License Act, effective January 1, 2020, requires a real estate license to wholesale more than one property in a 12-month period. A single deal in a year doesn't trigger it; above that, the activity is treated as brokerage.
This is a plain-English summary, not legal advice — confirm your own situation with an Illinois attorney.
The two paths investors take
The first is to get licensed, or work under a sponsoring managing broker who covers compliance while you source deals — usually for a share of the fee. The second is the double close: instead of assigning a contract, you buy the home and resell it to your end buyer, often the same day. It's a different transaction with different costs, and whether it fits your situation is a conversation for your attorney.
Be realistic about this one. A double close is not a guaranteed safe harbor. If a regulator looks at a pattern of buying and immediately reselling as a business, structure alone may not settle the question. Investors doing volume in Illinois should be talking to an attorney, not a funding company, about that risk.
What a double close costs
Roughly a second set of closing costs — commonly around 3% — plus the funding fee. That's the real comparison against an assignment fee, and on a thin spread it can be the difference between a deal and a pass. Send us the deal and we'll quote it.
Where transactional funding fits
We fund the purchase for the short window between the two closings, repaid out of your buyer's proceeds. You bring a real end buyer and a closing agent; we bring the money for the few hours in between.
Need the funds to close?
Tell us the deal — type of funding, amount, and closing date. We answer quickly, and we tell you straight if it isn't a fit.
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