All Forum Posts by: Account Closed

If an absentee owner has to evict the tenants as a condition for the investor to buy...do the eviction fees come out of the tenants deposit, my assignment ,the Sellers profit or the investors profit?

Hello, I was looking for a lawyer to review my P&S agreement as well as my assignment contract for wholesaling properties. Does anyone have any suggestions for a reasonably priced lawyer in Washington who will do a document review. Again, I need a lawyer who has a GURU level of proficiency and understanding of wholesaling and assignments.

Thank you so much guys :) 

@Larry F.

@Brian Cohen

I am having a lot of confusion regarding what forms I need to have the Seller fill out. I have a simple contingency in my P&S agreement that states:

This agreement is at the sole subjective discretion of the buyer and subject to the final inspection and approval of the property by the buyer, 20 business days after the date this contract is received by buyer.

do I still need to include Form 17 & Form 35 in my packet for the Seller to fill out along with the P&S agreement?

I've heard some say that because I already have an inspection contingency in my contract I don't need Form 35. However, would I still need to use form 35R to respond to the inspection? I hope this isn't too confusing. 

@Tatiana Gershanovich

Ahhh okay, my inspection contingency in my P&S agreement reads:

This agreement is at the sole subjective discretion of the buyer and subject to the final inspection and approval of the property by the buyer, 20 business days after the date this contract is received by buyer.

..you're saying that as long as I have some verbiage along these lines it negates me having to have a separate Form 35, correct?

However, can I still follow-up with a Form 35R (My response to the inspection addendum)? 

And lastly, Form 17 would still have to be included with my P&S agreement correct?

@Larry F.

@Larry F.@Rudy Manna

Thank you for the feedback!  

Although I'm sure an investor who buys my properties would already be familiar with local investor -friendly title company's. I would also like to have a few companies in mind- in the Tacoma area. 

If we use a title company that is not investor friendly- that can cause a lot of issues with closing because they may not understand the assignment process or wholesaling all together. 

Hello BP!

I'm just trying to get some clarity. I will be wholesaling in the Tacoma area and I want to ensure my Sellers sign off on the proper forms. Would I need to present my Seller with a P&S agreement, Form 17 as well as Form 35 all at the same time?

I'm concerned about overwhelming my Seller with paperwork, however from my understand, it is Washington State Law to have form 17 and form 35 included with all P&S agreements.

@Brian Cohen

@Brian Cohen@Jay Hinrichs

Thank you so much for the valuable feedback! That's is exactly what I was wanting to know. I have a standard purchase and sale agreement, assignment contract and have now typed up a termination agreement and I'm going to have my lawyer review all three to make sure that they are binding. 

Hopefully, I'll never have to use the termination addendum but I like to be prepared for all possible outcomes. Ultimately, my goal is create a win/win situation for all parties involved. 

@Christopher Brainard

@Christopher BrainardThere is no integrity issues going on here. I am not in an agreement with anyone. However, there are circumstances when a Buyer needs to get out of an agreement with a Seller. I was using the inspection contingency as a hypothetical example. 

I created the thread to inquire about the steps that need to be taken In The Event that  a Buyer needs to get out of an agreement with a Seller. If you are doing dealings in real estate, it is bound to happen at some point. I also made no mention of not being able to find a Assignor, I have a solid buyers list....you may've read to much into this one. 

Also, there was no "legalese" in my post, just basic real estate terminology. My intention was not to say anything that was going to "go over anyone's head".

Lastly, I created this thread in a Washington State forum in hopes of hearing from local wholesalers or investors...but thanks for the reply.