OfflineWhen Matt is explaining the process of assigning on pg 166 of Dean's book, "Profit from Real estate Now," Dean says that Matt has followed his strategies to a "T" but has tweaked and improved upon them. What I want to know is in Matt's system, does he still use all Dean's four forms? I think he is saying he uses just the contract( purchase agreement) with an or assigns and does not need tell your intentions using the Investor disclosure statement. Is this right? Just wondering if I am understanding this right. Also do we still need to use the Discharge of Agreement to Purchase statement? Does the lawyer handle this or do I have this to give to lawyer? Thanks
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Hey Tammy, think you are confusing Assignment of Contract with IEE (Instant Equity Exchange) see pages 151-163 for IEE info
Assignment with FSBO = PA (Purchase and Sales Agreement) between seller and you (ex: (John Smith and/or assigns) as 'buyer'))
Assignment of Contract = between you and your buyer. You give him a copy of the original PA with seller along with the Assignment of Contract indicating your fee for him to sign. (this allows him to step into your shoes) he will need a copy of the original PA to know what terms & conditions he is entering in to.
2 docs that's it. both docs go to attorney. I'll let my buyer chose if they want to us their attorney or want me to handle. EITHER way, I always control and follow through the deal to close.
If you are wanting your fee NOT to be disclosed to seller or buyer you will need to do a double close. PA between you and seller. Then another PA with you as the seller and buyer's name listed. (so 2 separate PA's)
hope it helps
jen
It sure helped me!
Les
As a man thinks in his heart, so is he!
Think on these things: whatever things are true, whatever things are noble, whatever things are pure, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy- meditate on these things
I guess I did not understand the difference. Thank you for taking the time to explain that. Much appreciated!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.