OfflineHelp!!.... Can someone send me a copy of the language for a "double closing" contract. I plan to perform several "double closings" and located a title company willing to perform the services. However, the escrow agent would like to "review" my contract, prior to us working on our initial deal.... PLEASW HELP ME!!!
As you can tell, I am a "NEWBIE" ....Thanks so much!!!
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I am a newbie as well........but as I understand back to back closings, you just need to sign a purchase and sales agmt with the original seller to lock up the deal and then you sign another purchase and sales agmt (now you are the seller) with the end buyer.
If someone knows a better method (other agmts to use) pls let both of us know because this would be good info for me as well.
Thx,
Neil
I can help you out but... I have to leave right and will be back later today and will show you how. I actually have a copy of a filled out one I will post for you to look at and copy. Be back later!
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
http://www.deangraziosi.com/real-estate-forums/contracts/15486/actual-op...
Here is the link for the back to back (double close) contract. It wouldn't let me attach it so I had to copy and paste it...sorry.
This is the contract you use between YOU and the OWNER of the house. You make an offer to the owner...when you both come to an agreement...you fill in the blanks on this contract. Get the parcel number of the house from the tax assessors office. Call them and give them the house address and they will give you the parcel number. Sometimes they have a web site containing this information.
OK...when you get the house under contract between you and the owner of the house...then you find your end buyer...of course you will quote him a higher price than what is on this contract. The higher price will cover your assignment fee....and you need to make sure Eric is covered if you are using him to fund your house. He can tell you exactly how much. You add your fee plus Erics fee and I always tack on a couple extra thousand for "just in case"...just incase you have to give the end buyer a little discount etc...
When you and the end buyer come to an agreement on a price then your get this same contract (a blank one) and refill out the information with YOU as the seller and your end buyer as the BUYER.
When you go to closing day the title company will first close between you the the owner using Erics funds...then the same day they will close between you and your end buyer.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
I have never seen a contract that encompasses all this info! This contract covers EVERYTHING under the sun! Thx for posting.......I just have to reload my printer now
Neil
Sissy, say the seller finds another buyer within the contract period? Can the seller cancel this contract at any time? Or is the seller obligated to go through the option period regardless?
Is this typical of any purchase/sales agreement?
Thx,
Neil
Is this typical of any purchase/sales agreement?
Thx,
Neil
That's a great question Neil.... and I would like to the answer as well. Can anyone out there answer this question for me and Neil????????????????????
Oh, thanks Sissy for the info. u are great to have as a coach/mentor!!!
Is this typical of any purchase/sales agreement?
Thx,
Neil
That's a great question Neil.... and I would like to the answer as well. Can anyone out there answer this question for me and Neil????????????????????
Oh, thanks Sissy for the info. u are great to have as a coach/mentor!!!
If the contract is signed by both parties and earnest money has been put up by the buyer, then the seller is bound by the contract. If the seller breaks the contract and sells to another party, the seller is liable to the buyer for damages.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thx for your reply. How would you define "damages"? Is there anything stated in the contract that is specific and states what buyer is entitled to if in fact seller cancels contract w/o buyer's consent?
Thx,
Neil
Good question, no answer. In todays world, people get huge settlements for minor inconvenience. The damage award is up to the court. That should be enough to scare any seller from breaking the contract.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Excellent point.......I suppose it would be come a legal matter that may require an atty.
Thx,
Neil