*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS^® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.

Q: Can a real estate licensee sell just a business without any land or building to go with it? Would such a transaction be covered under a real estate license? 

A: There is no license requirement to be a business broker, or in other words, to represent someone who is buying or selling a business. However, there are certifications out there, and you may want to get certified to ensure you are competent in the field.  

Keep in mind, real estate agents can negotiate and draft real estate contracts on behalf of their clients, but drafting a contract for the sale of a business could be considered the unauthorized practice of law. It is highly recommended you consult an attorney to draft any contract for the sale of the business.  

Lastly, your errors and omissions insurance for your real estate brokerage may not cover claims arising out of the contract for the sale of the business. Check with your insurance carrier for more information.  

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