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Updated about 2 years ago,
Help Using a Standard Contract for What Is Probably an Assignment
Hi all,
I sourced a property through an investor/broker/former GC in the Miami area and the property looks good on pretty much everything.
Originally, the contract I sent my agent contact (who actually found the property for us) was a 3-4pager, slightly edited from one of the well-known assignment/wholesaleing teams.
When I sent the 3-4pager over to ask for suggestions, The agent sent me a much more extensive contract, which is the standard contract for their deals (they are in a large, national brokerage).
The capital partner requires us to have the property under contract before they will put the money up., so there's a bit of pressure to get this contract approved by the seller and all parties involved so I can see what the moneyguys say.
Here's my question: How far should/do I as a first-time investor -- who wants this relationship to be a long-term, fruitful, mutually-beneficial relationship -- push to change the "standard contract" so that it only includes the wording that makes sense for an assignment?
There's nothing wrong per se with the standard contract, but it seems like a bit of overkill and more for someone buying a home, although we have included specific assignment-friendly wording so that it's inline with legal, etc.
Or should I let it play out and then hope that the multiple riders and references in the standard contract will work with the objective?
Thank you in advance for the considerate responses. Good day