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Hey everyone so we've laid some groundwork and now it is time to get into the really good stuff so a lot of investors who are already buying and flipping properties hopefully don't know some of this stuff maybe this is kind of the intermediate to higher level investor information so we're going to talk about assignments of contracts or in other words wholesaling there might be other words other terms to use for this type of investment but we're going to talk about them as assignments remember to always check and make sure that what we're talking about today is legal in your state before you try it consult a real estate attorney or somebody who knows the law in your state before trying any of these things so that being said an assignment of contract is where you get a contract for a property so you have a purchase and sale agreement you say you're going to close in 30 days you now own that contract you don't yet own the property so the seller is on title and you are the buyer who is going to close let's say by me 30th so you have 30 days or so to purchase the property they've agreed to sell it to you under the terms that you have in this contract so let's say for some reason or other you do not go to closing sometimes you might have too much going on you don't have another opportunity to take on an investment property maybe your private lender is all booked up they have too many loans out there and they can't give you any money right now so for some reason you can't close please please please if you're going to go under contract if you're going to make an offer on a property you do intend to purchase don't just go under contract with the intent of selling it it'll become known pretty quickly that that's what you're doing and it's just not a very kind thing to do to everyone involved so don't buy a property don't don't attempt to purchase a property without the intention of closing you you can decide that you're going to assign it but if you can't assign it for some reason follow through purchase the property otherwise you kind of end up with a bad reputation so let's say you're purchasing by May 30th and you have let's say 40 days to purchase so you've got a little bit of time and for some reason you can't purchase it but you know it's a good deal and you do want to make a little bit of money on it so what you can do is you can go to your investor friends let's say you have met some of these people who are also doing what you're doing I think it's always a good idea I mean in a sense they're your competition but you could also work together

FAQ

How likely is it for me to win a lawsuit where a seller wants to back out of a signed commercial real estate offer/contract?

Obligatory legalese: I’m not a lawyer and you should consult one for legal advice.Generally speaking, if you have performed as specified in the contract, including putting in deposit, removing any applicable contingencies, and informing seller of your intent to close, then I think you have a pretty good case.However, in practical terms, it’s not clear if you should go to court. Lawyers are expensive and, depending on the contract and the state you’re in, you may not be able to get back your expenses, even if you win. And any case, even a winning one, is going to take a long time to complete, is it really worth your time and aggravation?

What legal (contract law) book would you recommend to real estate investors?

The Main Real Estate Contract Provisions are:attorney modification clausetime is of the essence clausenotice clausebreach clauseamendmentsclosing clauseFor more details please click Peoria Lawyers here.

How difficult and or realistic is it to start a real estate law practice straight out of law school?

A start-up law practice is a small business like any other and faces the same challenges of identifying ones market, competitors, etc.. A good way to determine the feasibility of starting a law practice straight out of school is to write a comprehensive business plan and a companion marketing plan. It will force you to be brutally honest and confront your limitations in every facet of business including ones you weren't aware of, and if you can struggle through the exercise and emerge with a robust plan, you'll be well on your way to take on the challenge. Also do not hesitate to consult with business professionals and allow them to poke as many holes as they can in your plan, better to fail on paper than in real life. There are many online resources available as well as software packages to help you develop a plan. I recommend taking as much time as you need to embellish your ideas and way forward.

What will it cost a buyer to get out of a real estate contract?

Get advice from a lawyer.There are consumer laws that give time to change your mind, however, there is much of the process that don't. The first thing you will owe directly andor indirectly will be the ENORMOUS commission of the marketing & advertising agent for real estate, aka. “the real estate agent”. This list could go on and on… get advice from a lawyer.Best of luck.

How can I get out of a real estate contract when I priced the property too low and really feel it is a mistake to sell it?

Number one thing is to step back and think objectively talking to your listing agent. Hopefully, you did use an experienced Realtor to help you set the price. If a home is priced correctly, you should expect to have interest and offers early. You may have to wait a while before you get another similar offer. When a home first goes on the market, you get both the people who’ve been looking for possibly weeks or more plus new buyers just starting.If you truly want to get out of the contract talk to a real estate attorney. As a seller contracts really don’t give you much out unless a buyer defaults. If this your homesteaded home, you may be able to avoid being forced to sell but could be held liable for buyers costs and possibly damages. Your home may even be held up from being sold to someone else. If you have a listing agreement, you may be responsible for commissions.Think carefully, then talk to an attorney.

Does the state of Missouri have a law that allows people to get out of a window replacement contract before any work has been done or money paid?

I’m not a lawyer and this is not legal advice. But read the contract you signed, does it say anything about it? Like if you cancel you lose deposit or have to pay a %? If you didn’t sign anything and it was all verbally communicated, then I believe all you have is an agreement. It’s not a contract until they either start the work, or you pay them any amount as a deposit to start. Once something of value has changed hands, either service or money. The agreement is sealed and binding.Missouri law really has nothing to do with it. Missouri law is between you and the corporation of Missouri. A deal between you and a non govt entity is private, and the laws of the deal are dictated in the contract you signed or agreed to.If the window you are referring too had to be custom made to fit your window. And the other party has already custom made that window for your window replacement. Then you probably are going to have to pay for it. They may not have come to your house yet, but they started work on the agreement that you wanted it. Not really fair for them to get stuck with a window that you ordered and they custom built, then you change your mind. Think if you were the other party? Would you want to be paid in that situation or would be be perfectly fine custom making a window for someone and eating the cost, because you can’t just sell it to someone else.Not legal advice.

In regards to property and real estate law, what is the difference between a contract and a covenant?

A contract is an agreement between two or more parties which is supported by consideration, mutual assent and has no contractual defenses to formation.A real covenant is a promise that relates to the ownership or usage of land. Although covenants, in general, fall within the province of contract law, it is important to discuss various aspects of the law regarding real covenants within the context of property law.Although covenants are similar to easements in that in both cases, the use of land is being restricted or enhanced by an obligation owed by the property owner to another party, real covenants differ from easements in that they are not considered ownership interests in land. Real covenants are promises. They can not be acquired by implication, necessity, prior use or prescription. They are agreements and thus can only be created by promises. Once in existence though, there is little practical difference between a negative easement and a real covenant.The key element of a real covenant that distinguishes it from an ordinary promise is that a real covenant can sometimes be enforced against successive owners of the property. If a covenant can be enforced against successive owners, it is said to “run with the land.” This means that, like an easement, the covenant can remain effective even if the land is transferred to a third party. Of course, this distinguishes real covenants from ordinary contracts, as all ordinary contracts are enforceable only by and against people who are parties to the contract or intended beneficiaries.THIS COMMUNICATION CREATES NO ATTORNEY CLIENT PRIVILEGE OR RELATIONSHIP BUT IS FOR INFORMATIONAL PURPOSES ONLY!!!!!!!Shalom aleichem lchaim.

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