OfflineHey I'm learning a great deal! Thanks for all you help in advance! This might sound dumb but I have found a super deal and I actually have an investor interested. How do you keep from getting screwed.. excuse the speech.. is there a standard contract? and i don't necessarily want to bird dog i would like to split profits is this possible..thank you
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There are a variety of different contracts you can use to protect yourself, but it truly depends on what you want to do with the deal. It sounds like a joint venture or partnership agreement would work on locking them in on the deal. It is where you will outline who does what, when, and how. Who has rights to what and what they must do to participate in the deal. You might consider having them sign a non-circumvent and non-disclosure agreement too. It will protect your information on the property too.
If you are going to do a normal bird dog like deal, you can use the non-circumvent/non-disclosure agreement. finders fee agreement, or a bird dog agreement.
If you are going to lock up the deal with a real estate purchase agreement and assign it to them, then you will use the assignment of contract.
If you are going to use an Option agreement to lock up the deal, you will use an Assignment of Option agreement!!!
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