OfflineWhat is the OUT we must have when we put a contract (assignable) in place on a property. What if your buyers do not perform or are not interested in the property?
Do you set a shelf life on the contract 30 to 60 days?
And is that all there is to it? Then does the seller keep the Earnest Money, If any?
I ask this question because i heard an Guru mention that there is an OUT clause on his assignables, .....
TIA,
Gil
__________________
My partner has the right to review this contract with in 14 days. It's called a contingency. And, in my assignment agreement I have that the fee is due and payable today. So, soon as the assignee signs it, the fee is paid today and not at the closing.
Thanks for the reply. I am starting to get feedback from potential sellers and need to get up on the details.
If any one would be willing to go into a more detailed dialogue via email i would appreciate that, and even cut you a piece of the pie.
Questions remaining are ,...Earnest money Deposit required? What terminology could not get you locked into contract if you can't find buyer? Shelf life of contract? 30 days? 60 Days? Contingency on inspection?
Another "guru" said he had a magic out,...... i am sure it is just basic common sense ,...........
Thanks in advance,
Gil
That is good advice, ...........Many Thanks for that.
Gil
Can't find a buyer? then just don't pay the deposit. End of Contract.
So, Erik, doing it your way, does that allow us to tie up the property with NO MONEY DOWN and 14 days to come up with it?
And does that mean the Buyer will pay the Earnest Money Due, when inspection is to their satisfaction?
Gil