Edelstein v. Flanagan

KLEIN, Judge.

We hold that a real estate broker who finds a buyer for a business does not become a “dealer” within the meaning of Chapter 517, as a result of the buyer and seller structuring the transaction as a sale of the corporate stock. We therefore affirm the denial of relief under Chapter 517.

Appellee (seller) incorporated his business in 1972 and was the sole shareholder when he sold it to appellant (buyer) in 1989. The seller had listed the business for sale with a realtor, and when the realtor found a buyer, the parties signed a deposit receipt contract, which gave the buyer a period…