All Forum Posts by: Bimal Doshi

Thank You, Bill, scott and Ibrahim. Great piece of information.

Bill:

Yes we do have transfer tax here in New Jersey.

Yes I will ask my attorney for Hold Harmless and indemnification for any tax liability arising for seller.

Cash Buyer is motivated, he can't wait to close. If I buy means I will have to double close. The buyer still needs to order inspection. If I close when can the order inspection and what if he backs out.

Scott:

I need to find an attorney who better understand this.

Ibrahim:

Yes I can double close, if I double close who does the inspection ,my buyer? what if there are issues with inspection.

This is my first assignment deal, when we are all set to close the deal, the sellers attorney has an issue with the words AND OR ASSIGNS in the purchase contract and would like to speak with my attorney as she thinks there could be tax ramifications.

I am in New Jersey.

Now the attorney I have hired is only to collect the deposit monies from my end buyer for assignment. Not sure if my attorney will be able to field this question from the sellers attorney.

Is there a way to make this deal happen if the sellers attorney will not let me ASSIGN.

Does any body have a standard assignment of contract for New Jersey.

I created one such form from YouTube presentation, which I sent to may cash buyer but the good thing is it is not yet executed.

One of the clauses in Assigment of contract says:

2. ASSIGNEE accepts all terms and conditions of the contract for Sale and Purchase between BUYER and SELLER in its entirety.
3. ASSIGNEE acknowledges receipt of legible copies of the original Contract for Sale and Purchase in its entirety including all Addendum(s) associated with this transaction.

Now in my Original contract I have an inspection contingency, which will also get passed to the cash buyer when I Assign the contract, so there is all the chance for this deal to fail if my buyer comes up saying there is more in repairs, or the inspection failed at which time he will bargain with the Seller and the seller may not agree to the new term, the deal will fail.

The contingency clause in the Purchase agreement is as follows:

11. Buyer makes this offer subject to and contingent upon a property inspection which, in sole judgement of Buyer is deemned satisfactory. Such Inspeaction shall be conducted within 21 days. If said inspection is deemed unsatisfactory by buyer, this offer shall be terminated and any earnest money returned to Buyer. However, negotiation of a revised purchase offer is not precluded, should the parties so desire.

What should I do so that the Purchase contract after assignment does not have inspection contingency, if I cannot remove the inspection contingency do I have to return the non-refundable deposit money obtained for Assignment of contract.

Thanks,
Bimal

Thanks All.
I contacted an attorney who will hold the deposit money for me $100/- per transaction. Not bad.

Hello all,

Does any body have a standard assignment of contract for New Jersey.

I created one such form from YouTube presentation, which I sent to may cash buyer but the good thing is it is not yet executed.

One of the clauses in Assigment of contract says:

2. ASSIGNEE accepts all terms and conditions of the contract for Sale and Purchase between BUYER and SELLER in its entirety.
3. ASSIGNEE acknowledges receipt of legible copies of the original Contract for Sale and Purchase in its entirety including all Addendum(s) associated with this transaction.

Now in my Original contract I have an inspection contingency, which will also get passed to the cash buyer when I Assign the contract, so there is all the chance for this deal to fail if the my buyer comes up saying there is more in repairs, or the inspection failed at which time he will bargain with the Seller and the seeler may not agree to the new term, the deal will fail.

The contingency clause in the Purchase agreement is as follows:

11. Buyer makes this offer subject to and contingent upon a property inspection which, in sole judgement of Buyer is deemned satisfactory. Such Inspeaction shall be conducted within 21 days. If said inspection is deemed unsatisfactory by buyer, this offer shall be terminated and any earnest money returned to Buyer. However, negotiation of a revised purchase offer is not precluded, should the parties so desire.

What should I do so that the Purchase contract after assignment does not have inspection contingency, if I cannot remove the inspection contingency do I have to return the non-refundable deposit money obtained for Assignment of contract.

Thanks,
Bimal

My Cash buyer said not to use A title Insurance company for holding escrow but he insisted that I use an attorney to hold my escrow account.

What should I tell him, to convince him it is OK to use a Title Insurance company.

Hi Joe,

Thansk for educating me on this. This is my first deal and learning a lot from all of you. Having 3rd party to holds EM's was a great piece of information I got from all of you.

Thanks All Again.

From the advice on this thread I have been calling people to get an investor friendly title insurance company and was able get anmes of few Title insurance company and have also contacted an attorne.,

I will also deposit my Earnest money to the seller with the TI company even thiough I have opened a personal escrow account.

Joe, I hope you are happy with my approach.

Everybody thanks for help and input.

Hi Joe,

Great question, if that happens I will pay the seller earnest money in the contract and I also have 2 other buyers lined up for the same property.

I will make this happen, this is about credibility. Also the buyer goes to the same club as I do.

Please also suggest how can I protect the buyer, I am a newbie and eager to learn from people like you.

Hi Wayne,

Here are the wordings on assignablilit in my contract.

28. ASSIGMENT OF CONTRACT: Buyer may assign this contract, without restriction. In the event assigned, all rights, interests, suits, claims and titles in this contract will be assigned with assignor released from all liability.