OfflineI was told that each contract is written differently in each state according to thier laws. I need to find the contracts used in Wholesaling that are legal in Florida. I think I need the Agreement to Purchase and the Assignment of Contract. If anyone that does wholesaling in florida have them please let me know how I can obtain them. Ill send you a message with my email.
I have one question also. Does the contract that you use have that part in it that states that after a certain number of days the contract is void? I want to have the right contract so I'm not forced into buying a house if I cant find a buyer with the time period.
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not 1 person?
You don't need a special contract to assign, especially here in Florida.
Just take a standard Florida Realtors & the Florida Bar Residential Contract for Sale and Purchase (6/10 2010) on page 2, paragraph #7 Assignability; & check the 1st box may assign ...
This way it's the most used contract, nobody gets nervous, & you can put anything you want for escape cluases in paragraph #20 Additional Terms.
Re:Florida wholesaling contracts
KubanKhaos, I myself am going to journey into wholesaling. In the state of New Jersey and i thank you for posting this very subject because as you stated before every state is different. have you ventured into looking in the journals of other DGers? They may have an insight as they could have come across this issue before? none the less i like to base my decisions based on state laws, in according to The 2012 Florida Statutes,CHAPTER 696, of RECORD OF CONTRACTS; PHOTOGRAPHIC RECORDING, specificly CHAPTER 696,sub sections 696.01-696.04, i personally think subsection 696.04 applies to parties in private contracts between two people. this previously was googled and this is the legal leg to stand on (disclaimer i am not a lawyer and therefore i am making a reference to state law consult with a lawyer before making your decision) i also found the following in a google response that may clear it up in simple terms:
step 4:Write in an escape clause in special provisions that will allow you to terminate the contract at no fault if you are unable to find another buyer. An escape clause could be as simple as "the offer is subject to my partner's approval."
step5:Find a buyer who wants the home. Have them execute an assignment contract with you, effectively taking over your position to perform on the contract based on the terms and conditions set forth in the contract. An assignment fee will then be collected from the new buyer prior to closing. This fee is typically $1000-$3000, but can be anything that is mutually agreed upon. Also, have the new buyer reimburse you for any earnest money that has been deposited. Hopefully there was none required on the original contract.
step6:Collect the fee. Give a copy of the assignment document to the title company with the buyers contact information. That's it. You've just tied up a property, assigned the contract, and got paid prior to closing.
End Note: i have the whole google response if you want me to email you it,also i have the florida state law google response as well
but would love it if other DGers versed in Agreement to Purchase and the Assignment of Contract in the state of Florida (and hopefully New Jersey)
Qoute of the day: Carpe Diem is capable once the villan has been identified and discarded,for the only person holding the keys to your future is in knowing your abilities are far greater than any obstacle. -Chris-
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
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Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
excellent!
this is why i love the site and all the fellow DGers...
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
Wow Making it sound sooo easy even for a Canadian up here in the frozen North..lol Thanks guys
Wow Making it sound sooo easy even for a Canadian up here in the frozen North..lol Thanks guys