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Recent Double Closing questions

Re: Real Estate Wholesaling, I want to buy REO's(/Real

Hello,Re: Real Estate Wholesaling,I want to buy REO's(/Real Estate Owned) properties from the bank. Therefore, the assignment of contract is not a consideration. I will purchase the REO outright (using my own money,no financing).This gives me the right to purchase and sell immediately to a cash buyer using a double closing.I think this is O.K.(Legal) in the state of VirginiaEmily

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David Stewart

Vice President Legal Affairs

Juris Doctor

76 satisfied customers
I have an exclusive 30 day option to buy a piece of land in

I have an exclusive 30 day option to buy a piece of land in Nevada.I do not have a real estate licenseMy intention is to market the land on the internet with photos and description, find a buyer and do a double close (concurrent close or A to B to C closing) with a title company.Would I be breaking any laws?Do i need to disclose in my ad that I am not the legal owner?Am i allowed to post an ad at all?are there any restrictions to what and how i can market?ThanksPat

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,322 satisfied customers
I am looking to acquire a single family house and sell it

I am looking to acquire a single family house and sell it the same day in a all cash deal. Can I perform a same day double closing on a property if no bank loans are involved?

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37,830 satisfied customers
I want to have a double closing based on tying up a piece of

I want to have a double closing based on tying up a piece of land with a contract and then selling it on an online auction. If the terms are fully stated in the auction description, is a contract absolutely necessary to close with the end buyer or canI create some sort of basic receipt or agreement at the conclusion of the auction?

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TJ, Esq.

Juris Doctor (JD)

10,616 satisfied customers
I often buy lots at tax foreclosure sales and sell them on

I often buy lots at tax foreclosure sales and sell them on online auction sites. Simple process. Collect the funds at the end of the sale and issue a new deed to the buyer. I frequently come across land that would make good candidates for resale usingthis process due to length of time sitting on the market, price and motivated sellers. I know that I can collect the funds the same way using an option contract - collect the money, then pay the original seller their asking price thus consummating that sale,then transferring the property to the new buyer.The key is the ability to collect the funds from the new buyer upfront.Can a purchase contract can be used in this way? Thanks.

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MIAMILAW1127

Partner

Juris Doctorate

1,398 satisfied customers
Can one of your Real Estate Attorney's just review, advise

Can one of your Real Estate Attorney's just review, advise and comment on basic "boiler" plate contract templates? If they can not could they or your staff recommend local (Fresno, CA) Real Estate Attorney's that do that for an affordable fee?These contracts can be sent in an attachment. The title of the contract templates are as follows: (1) Assignment of Contract, (2) Bird Dog Contract, (3) Wholesale Buyers Earnest Money Agreement, (4) Contingency Clauses (that would be added to the States standard "Contract for Purchase or Sale", (5) "Addendum" to "Contract for Purchase or Sale", (6) Earnest Money "Promissory Note", (7) Inspection Contingency Addendum to Purchase Agreement, (8) Quit Claim Deed, (9) Back to Back (Double) Close contract between first and second buyer. I am aware that an "assignment contract" can not be applied to bank owned property.

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37,830 satisfied customers
When a residential real estate note is created by party A,

When a residential real estate note is created by party A, a promissory note is used and tied to the deed of trust. If party B wanted to then purchase that note only a few days after the creation, could an allonge be signed and filed with the county basically just changing the name of the loan holder? or would an assignment have to take place for the note and deed of trust and then filed with the county? or is this the same thing?

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RealEstateAnswer

Juris Doctor

29,746 satisfied customers
I have 4 parcels of adjacent land under an option to purchase.

I have 4 parcels of adjacent land under an option to purchase. I have a buyer to flip the parcels to as well. Both the seller and buyer have real estate agents. Can you tell me what the closing procedures are? I don't have any money as to why I optioned the land from the seller rather than buy it myself. The option agreement says that upon exercising the option the seller has 15 days to give me a warranty deed free of encumbrances, etc. Then I have to close with the seller within 15 days after that. Because realtors are involved I plan to use a title company to close (unless there is a cheaper way to do it). Can there be a double close process all wrapped up in one close? I close with the end buyer, get the money so I can then close with the seller? What fees are involved with using a title company for all this? I am in Michigan, but the buyer, seller and land are in Dane County, WI.

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CalAttorney2

Attorney

Doctoral Degree

19,446 satisfied customers
When selling building lots in Florida by doing a double closing,

When selling building lots in Florida by doing a double closing, is it mandatory to disclose upfront with the client that we are doing this procedure?Why should I reply to my client who had a bulk purchase and he just realize that we did this procedure without telling him in advance? He is canadian chinese and he is really upset ! When he initially asked for an explanation, we said that we only buy the lots once we have a buyer and the reason to do that was to protect our sources and our clients data (in other words to avoid circumvention). But he is not happy with the replyFYI eventough we didnt want to show him our profit, it was not a fortune but very reasonable. The first deal is now done and closed but I am afraid to lose the second deal if I dont have a satisfactory answer. See his email below Martin,I trusted everything that Rosa and you have told me to date.I have no idea what you're talking about, protecting yourself.I am a very loyal person who does not cheat or will go around an agent...never.The way you acted is not ethical and not strictly legal, you know this already! You should have disclosed how you operates to me upfront. I personally feel it's OK for an agent to make money if they find me the best properties that my money can buy at the current market situation. But now, it is impossible for me to tell if you or Rosa was working in my best interest or that I'm buying the right properties which can be profitable in the foreseeable future. Of course I have questions on my mind now. Maybe what I'm buying could be properties that I cannot unload for a very long time. I have no idea what reasons the properties that I've bought were presented to me. Was it for your best interest?You are using me to profit from your property flipping scheme it seems.What you did is not right! This is very upsetting to me, to feel that I've been misled to think differently.I had plans to buy millions of dollars worth of investment properties in the USA, but I can only work with people that are 100% on my side and provide me with excellent deals without me having to do anything other than funding the deals.I'm not sure what you can do to rectify this situation and I'm not sure if this require the intervention of my legal consultants. I might have no choice but to get my lawyers to look into this because I am starting to travel again tonight and don't have time to deal with this myself. You tell me the exact truth and refund me for anything that you know was not done right.

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Damien Bosco

Attorney

Doctoral Degree

2,756 satisfied customers
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