How to do Lease Option Assignments Out of Town PART ONE

[miggy282]

No*



[miggy282]

Wouldn't be better to just simply connect the Buyer with the seller and Charge the seller a % of the deposit collected, that way you have to legal obligations with the Buyer, as i understand when assigning you are obligated to the assignment, please clarify on these points

Miguel

[frustratedinvestor]

@miggy282

Miguel,

In short, that's kind of what your'e doing. But there's a huge problem with doing it "for the seller". If your'e not acting on behalf of your own self interest, (having a principal interest with your option agreement) then you're clearly brokering and would need to be licensed.

Ask your state attorney about this so your'e in the clear.

Adam

[miggy282]

For an assisted sale, where the owner has given me an option to buy his property at x price, if I find a buyer at a higher price, but as I do not own this property, do I give the buyer an option to buy under my name or should the option be given under the sellers name and myself keeping the up lift?

[frustratedinvestor]

@miggy282

I simply assign the agreement. You're not the owner, only a principle in the transaction with your option. It's the option that is controlling the property, not you.

Assigning it gives anyone with control over the option the right to exercise it.

Adam

[californiameltdown]

WHAT IS A JV?

[frustratedinvestor]

JV Means Joint Venture, or Partnership.

Hope that helps,

Adam