OfflineHello DG family. A couple of quick questions for you today when it comes to wholesaling L/Os, if you don't mind...
1. When filling out an option contract does the sellers nameand that is on records have to go on the contract, or can it be just one of the owners if it is a husband and wife owning the property, or can it be both of their first names and then there last name together?
Example: If Guy Seller and his wife Girl Seller are on the public records for owning, can they only put one of their names or can the put Guy & Girl Seller on the option contract?
2. The purchase price on the option contract will be what I agreed on with the seller, not the option fee-which comes to me-right?
Thanks in advance.
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You are so right now go and get er done, Jim
jbischoff
If there is a couple that own the property "John and Sally"
When they sell that property both "John and Sally" need to sign on the contract.
Everything on the agreement is negotiable
the pre determined purchase price, the option payment, the down payment. It is all agreed upon between both parties
That help?
EVERY owner's name must be on the contract and be signed by them. Sally Smith and John Smith. Be sure to check their mortgage records to see how it is made up. Do NOT just take their word for it. Not that they would EVER lie to you
, some people actually don't have a clue about things! You do not want to do a deal and then one of the original owners comes back and say they never knew about this and you are $cr#wed!
Yes, if wholesaling the contract, the purchase price IS what you agreed upon with the seller.
Karen
"You're never too old to be what you were meant to be!"
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Thank you both for clarifying. I am this close (you know how close my thumb is to touching my pointer finger?) to completing my first deal by venturing into cooperative L/Os and I wanted to be sure the contracts were being filled out correctly.
Karen is right - the Sellers all need to be signatories to the transaction. One other thought to consider ... in some states, a spouse after the fact has a marital right to real estate. If John purchases a house and marries Sally 5 years later but never puts Sally on the deed, Sally still has to sign a listing agreement to put the house on the market, and the deed to sell the property. I would check with an attorney in your state, just to be safe.
You can also use "Seller of Record" in some cases.
Good luck - hope it goes well!