OfflineI am looking for some advice on using this form with the Seller of a commercial property. I was approached by some Investors that are interested in this specific property. It is not on the MLS or listed for sale at all. I have been gathering information for the Investors and working with the property owner. I would like to get this property owner to sign the NC/ND agreement. In it is specifies my consulting fee. It also states that a separate fee/commission agreement will outline compensation...the fee or commission agreement must be drafted and acknowledged by signature before all business/financial transactions. Is there a form out there or do I just print something up in effect. My plan was to have the property owner sign the NC/ND agreeing to my fee. Then when the letter of intent is to purchase the property...should I have the fee listed in this or keep it totally separate. I am thinking keep it separate? Any experienced investors out there on this topic?
Barbara
Using the Non-Circumvent/Non-Disclosure Agreement
Posted on: Wed, 12/07/2011 - 17:28
Using the Non-Circumvent/Non-Disclosure Agreement
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- by bmcpherson
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I would get a signed LOI from the owner in my companies name with a 48 hour earnest money deadline and present the deal to my buyers. With the stated acquisition fees and percentage of ownership in the deal. Have them put up the earnest/ deposit. Is this owner carry? Usually 20% is the earnest amount.
Just my thoughts, you would control the deal and no need for a NC/ND.
Also, I think you must have a license to accept a commission/fee in this type of deal. Maybe not in the state you are located.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I do have a RE License. However my Re office closed recently and my license is with the state. The Seller is normally the one who pays the commission/fee. I know we can do this deal without it being listed with a RE office. Any commercial deals are drawn up by lawyers in my state. So I was trying to figure a way without listing the property to do this deal. Also the Seller is not the one who approached me...the Buyers did. We are not really sure when all is said and done if he will sell. He wants 5M.