Share contracts, assignments, and other various documents here.

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By RyanPal
#231 I use this flex option when buying properties from sellers who want non-exclusive contracts or when I'm working with other wholesalers.

I have this auto-populate with the date along with my handwritting font.  This can be edited/modified using NitroPDF and the advanced coding features.

https://docs.google.com/file/d/0BwuCbRFUo6pteHlOcnlhMTFmWnc/edit?usp=sharing
By dlynch732
#420 With flex option buying once the contract is signed do both parties agree on how the split of the wholesaling fee will be?
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By Arod_Yankees
#421 it's best to agree before hand how you will split the profits.  then sign the docs, line up the buyer, close the deal...celebrate  :beer
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By RyanPal
#422 [quote="dlynch732"]
With flex option buying once the contract is signed do both parties agree on how the split of the wholesaling fee will be?
[/quote]

most of my transactions are 50/50 splits
By dlynch732
#423 Thank you. And will the document need to be submitted to a title company or attorney upon the deal being completed? Or more just to protect your interest in the deal?
User avatar
By RyanPal
#424 [quote="dlynch732"]
Thank you. And will the document need to be submitted to a title company or attorney upon the deal being completed? Or more just to protect your interest in the deal?
[/quote]

i just have the title company split the check with the other wholesaler.  i can't say i've needed to send them the flex option.

i've sent them a marketing fee agreement in the past.  i don't think it's typically required for them to have it though.
By desInaner
#476 [quote="RyanPal"]
I use this flex option when buying properties from sellers who want non-exclusive contracts or when I'm working with other wholesalers.

I have this auto-populate with the date along with my handwritting font.  This can be edited/modified using NitroPDF and the advanced coding features.

https://docs.google.com/file/d/0BwuCbRFUo6pteHlOcnlhMTFmWnc/edit?usp=sharing
[/quote]

I notice the agreement you posted is an 'Option to Purchase" as opposed to a purchase contract...but you also use an option to purchase contract with another wholesaler when using a flex option?

So, you might have one contract with the seller using this option to purchase contract, and then you would use another one if you were to link up with another wholesaler? And that wholesaler would be the "optionee" in the contract? I'm just not sure how you can use this agreement for both things.
User avatar
By Arod_Yankees
#477 [quote="desInaner"]
[quote="RyanPal"]
I use this flex option when buying properties from sellers who want non-exclusive contracts or when I'm working with other wholesalers.

I have this auto-populate with the date along with my handwritting font.  This can be edited/modified using NitroPDF and the advanced coding features.

https://docs.google.com/file/d/0BwuCbRFUo6pteHlOcnlhMTFmWnc/edit?usp=sharing
[/quote]

I notice the agreement you posted is an 'Option to Purchase" as opposed to a purchase contract...but you also use an option to purchase contract with another wholesaler when using a flex option?

So, you might have one contract with the seller using this option to purchase contract, and then you would use another one if you were to link up with another wholesaler? And that wholesaler would be the "optionee" in the contract? I'm just not sure how you can use this agreement for both things.
[/quote]

flex options are used with other wholesalers.  these are open ended options.  exclusive options are different than the flex options. 

optionor (the person giving)
optinee (the person receiving)
By desInaner
#478 [quote="Arod_Yankees"]
flex options are used with other wholesalers.  these are open ended options.  exclusive options are different than the flex options. 

optionor (the person giving)
optinee (the person receiving)
[/quote]

I figured they were different. The only reason why I'm asking for clarification is because...


[quote="RyanPal"]
I use this flex option when buying properties from sellers who want non-exclusive contracts or when I'm working with other wholesalers.
[/quote]
By dlynch732
#560 If there are multiple wholesalers on a deal (more than 2) how is the assignment divided. Should there just be a dispersement agreement sent to the title company stating how the assignment will be divided?
By LiveFree
#561 [quote="dlynch732"]
If there are multiple wholesalers on a deal (more than 2) how is the assignment divided. Should there just be a dispersement agreement sent to the title company stating how the assignment will be divided?
[/quote]

depends on your agreement.
By dlynch732
#566 Currently was contacted about a deal another wholesaler couldn't move. I sent out the deal and by the time a buyer was obtained there were two other parties. The wholesaler I spoke to was ok with the deal being split half way. So lets say deal has 12 k involved. Half for me and my wholesaler and half for him and his guy. Obviously not ideal by any means but I didn't have buyers in the area.

What is the cleanest way to get this accomplished.
User avatar
By RyanPal
#567 [quote="dlynch732"]
Currently was contacted about a deal another wholesaler couldn't move. I sent out the deal and by the time a buyer was obtained there were two other parties. The wholesaler I spoke to was ok with the deal being split half way. So lets say deal has 12 k involved. Half for me and my wholesaler and half for him and his guy. Obviously not ideal by any means but I didn't have buyers in the area.

What is the cleanest way to get this accomplished.
[/quote]

what were the agreements?  did you convey the situation to the original wholesaler?  i'd like to think that they would be open to 25% instead of nothing, however, if the up front agreement was 50% then you'll have to see how the other wholesalers feel about splitting only 50% of the deal 3 ways...or whatever else you suggest
By dlynch732
#568 The original wholesaler does not mind. Just want to make sure things are done correctly with so many parties involved.

Once we go to closing we can just state the different ways in which the assignment will be divided or will a dispersement agreement be better.
User avatar
By RyanPal
#569 [quote="dlynch732"]
The original wholesaler does not mind. Just want to make sure things are done correctly with so many parties involved.

Once we go to closing we can just state the different ways in which the assignment will be divided or will a dispersement agreement be better.
[/quote]

i suggest having all parties agree prior to closing.  this avoids any hold ups at the closing.  good luck  :beer