Legalities Of Double Close in MA and NH and Assignment Paperwork

[John White]

Good Afternoon All...

Is there a good resource to find a boiler plate document (P&S) with an assignment clause, or do most of you simply write it into the standard P&S under "additional terms"? I'm certainly willing to join a local REIA if it's available through there? Also, I've talked to a few Attorneys in MA and NH who look at me cross eyed when I mention a "double close" or "wholesale" to them. In fact, I've had more than one Attorney tell me that it's not even legal to do in MA or NH. Can anyone shed any light on this? Is there a good place (perhaps on one of these forums) to ask for referrals of Attorneys they've used for double closes? Just trying to educate myself and add some members to my team. Thank you for any and all replies.

John

[Ann Bellamy]

@John White, for an investor savvy attorney firm, go to the black diamond website in my signature, go to the resources page,use the link there and tell Brandy you found them on Bigger pockets from my referral. They do double closes regularly and have offices in NH and MA.

No attorney that I know in MA or NH will allow you to use the C buyers money to fund your (B) purchase from (A). That's because their title insurer won't allow it without express written permission from the end buyer, as @Account Closed said. And in some cases not even then.

I do know a couple attorneys here and there who will do it, but I wouldn't use them. So you can either assign the contract (which the seller usually won't allow if they are a bank) or do two back to back closings. For the latter you need transactional funding, assuming there is not a deed restriction prohibiting you from encumbering or selling for more than 120% of the purchase price.

I think the contract issue has been covered. You simply need the right attorney who knows exactly when you can do what you want to do,when you can't, and under what circumstances you need to do things differently.