All Forum Posts by: Jim Witten

Okay. Well I ended up getting an answer from an agent that signed the NDA anyhow. I just wanted to get feedback on my NDA for the future, from people who have done NDA's before.

 Hi Wayne,

I honestly have no clue what you are referring to or what the relation is. I am attempting to buy an off-market shovel-ready property from a homeowner, in an area I don't know well. I reached out to an agent to get his opinion on the completed value, when it's done. Before providing the agent with a copy of the full plans and the address, I asked him to sign a NDA.

A few years back, I spoke with an agent about a property in which the owners were looking to sell in the coming months, he then left a letter under the owners door mat soliciting them for the listing and the owner were upset with me I had disclosed their intentions. Hence why I requested the NDA this time. Especially given that it is entitled. 

I had to request a signed NDA/Non-Circumvention from multiple agents recently, I spent a lot of time researching and modifying templates. I made it very short/simple for them in the end.

But of the multiple agents, half had issues with it, some refused to sign it, or wanted me to gut entire sections if it, remove sentences, etc. Then the other half signed it no problem at all! It seemed to vary greatly. One of my primary concerns was circumvention, they can go behind my back and quietly market to the owner, or knock on their door to get the listing. 

One of the agents that had issue with it, said that it needed to have the specific address on it, not just "an off-market property" because that's too vague. I understand, but the problem is, if I include the actual, it defeats the point, they could refuse to sign it, they now have the address and know that person is thinking about selling, etc..... So how do I cover this issue?

------

There's a guy in contract for a property contingent on the permits being approved. So he does not own it yet himself. I am looking to buy this deal off him. I want to go ahead and get a contract in hand to buy the contract off him + X amount of dollars, contingent on permit approval. So this would be a "Contract of Assignment" right? It's sort of a wholesale deal I guess?

However, I need to make it contingent on the permits being approved also.  So where do I find a "Contract of Assignment" that allows for such contingencies? I've Googled around and found this form called Assignment Of Agreement Addendum by California ASSOCIATION OF REALTORS, but it is only 1 page, seems very basic, is that the right form?

Thanks Robert. Helps a ton.

Do I have to pick 3, or can it just be one?

And if the seller does not need to sign anything, is there not proof required that these are actual potential properties I am thinking about purchasing, outside of me just writing 3 address down on an identification form? I presumed a contract, purchase agreement, etc was needed?

Hate to ask same old questions others ask. However, I've read multiple articles on 1031 basics through Googling, but have failed to find answer to some specifics. I'm in CA by the way. I don't expect answers to all, but if you want to help with just ONE question, that helps!

-The form used for identifying the 3 properties within 45 days, it's not an official government form like a W9, it's just a template style that varies? Like this one? http://www.exeter1031.com/

-Is an actual purchase agreement needed also? Or could an assignment of contract/Purchase agreement replace the identification form instead? I could use it in lieu as proof that I identified something?

-Does the seller of each of the 3 properties have to sign the form stating they are in talks with me to sell to me?

-The 3 properties I pick, can I change them after the 45 days as long as I close on something within the 180 days, or do I you have to stick with the 3 once the 45 days is up?

-The intermediary, they are certified "intermediaries" you hire, and they charge a fee? Or hourly rate? Could I just go to the seller or sellers agent directly instead?

I found a solution! About every state, California for example, has "Preclearance Services". 

A 24–Hour expedited service for $500, or 5 day for $300.


http://www.sos.ca.gov/business-programs/business-entities/preclearance-expedited-services/

@DavidDachtera

Oh okay, you just mean set one up in advance. Its hard though, because our operational agreement of the LLC will be very different on each property.

When you said to setup the entity with some LLC with any unique name, then rename it later, I thought that was the fictitious part. The first part. To put in a place holder name per say, then rename it later.

Why would I rename it once I set it up and put it on the closing paperwork? 

And I'm still confused how that would solve the issue, that it takes several weeks to process a new LLC, it would not be ready in time for a 7 day close.

As in the LLC needs to be done and ready before the close? So there's no way around this?