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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27237
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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As I have learned, I find a deal, give a price to the owner and put it in a agreement cont

Customer Question

As I have learned, I find a deal, give a price to the owner and put it in a agreement contract, stating that I am interested in the house and i can inspect it myself, right? Then I find someone to buy it cash, and I pass the agreement to that person. That is not illegal to do, even that in the agreement I am stating interest for the house, but I give it to someone else? Please, I need to be totally sure before I can take the next steps on this.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.
Good morning. It all depends on the language in the contract. One of the most important things to be aware of is if the contract has language which makes it assignable. If it does, then someone else can step in and take over and buy the home, according to the same terms and conditions. If there is no language in the contract, then it can not be done unless the seller agrees. Moreover, there will be a timeline and conditions which need to be met when buying the home so you need to make sure you can meet those and the person you find to buy it does not want to perform any inspections or anything of that nature, as the time may have past. Also, a deposit would likely need to be put up, so you would have to provide that as well. As such, there is nothing illegal as long as all of this is in writing and agreed to by the seller.
Customer: replied 2 years ago.
I forgot to add, part of the business is to get a fee from the buyer for finding the deal, this is the part that worries me cos i read that to ask for a fee is when is illegal without a license, am i correct? I should have explained this part since the beginning
Expert:  RealEstateAnswer replied 2 years ago.
Yes, that is correct, in addition to what I shared above.
Expert:  RealEstateAnswer replied 2 years ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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