OfflineHey everyone,
I've got another wholesaler who I'm working with who says she has an interested buyer for one of my properties. We have said that we'll split the profits on this one, but she wants to know what we need to do to protect herself from me going around her to her buyer. I respect that completely. Can I just use a non-circumvention agreement? Will that cover everything sufficiently? If so, do I submit it along with the assignment of contract to my title co.?
Vincent
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"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
I a contract is assignable once it can be assigned 50 times. If you have sold her the contract she has the contract and the rights to it. She now can assign it to her buyer. The contract protects her position just as it did yours. So please if she does have a buyer get your half now from her! Or less if you have no one else to assign this deal to. If she can make something happen tell her to go for it! But protect yourself - get your cash! I hope that this information helps!
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Non-circumvents are easy to get around, which sounds like an oxy-moron.... But using partnerships, LLC's, etc, they are hard to enforce or even track. If somebody wants to take advantage of you, they probably will, regardless of what you sign.
In your case, it goes a long way to let people know you won't be going behind their back or taking advantage of them. I did that this week with an agent who wanted an exclusive agreement with me, and I declined and told her I would never go behind her back, and any project she brought me would be hers.
We're meeting again on Thursday, and she mentioned that she wouldn't have me sign anything, and that at some point, you have to trust people. The good thing for her is, I won't take that trust lightly....