Help - Need Advice On Assignment Of Contract On Unimproved Land
I have several deals lined up for buying unimproved land. Seller is out of state and the developer I will be selling to is in state.
I would like to know what I can do so that the developer does not see the price I buy for and if possible not see the name of the seller.
What I thought was that I would do the closing so that the seller sells to me and then I sell to the developer. Can that be done? Would I have to pay 2 sets of title fees?
I went to see some attorneys yesterday to ask but all I got after paying their consultation fees $100 per 30 minutes - is that "this is a complicated process that is going to take research". One said it would be $450 to do the research and then additional to do closing. Another wanted a flat $1000 for the closing. Neither price included the title search, title insurance nor anything else.
Real estate lawyers seem to be the worst for trying to draw out the process. One of them kept insisting that I should give him the info for the seller and he would "talk with him and see how best to handle the process" all that of course before I officially hire.
Linlin,
Why do you want to hide your profit? Your buyer knows you are making a profit. It is your choice, but if you already agreed on a price, just do a simple assignment. It will save you money, and headache..
My main thing is to hide the seller. Several of the developers I have worked with went behind my back after closing and dealt directly with the sellers for other lots. I had a big issue with this and prefer not to run those risks again.
Linlin,
I understand, but you run that risk anyway. The chain of title is public record. As soon as your buyer knows the location of the land, he can contact the seller anyway. A better way to protect yourself is to establish a strong relationship with your buyers, make sure they are getting a good deal, and being honest with them.
I UNDERSTAND YOUR DESIRE TO KEEP THE TRANSACTION CONFIDENTIAL. I USE AN LLC TO PURCHASE THE PROPERTY, THEN SELL THE LLC TO MY PURCAHSER. WHILE NOT HING WILL CONCEAL THE ID'S OF BUYER/SELLER FOREVER, IT TAKES A LITTLE MORE WORK AND TIME TO FIGURE IT OUT THIS WAY...EFFORT A PARTY MAY NOT WANT TO EXERCISE WHEN YOU ARE STANDING READY TO PROVIDE THEM WITH A PURCHASE/SALE THEY ARE ALREADY EXPERIENCING A MEETING OF THE MINDS ON ANYWAY.
FOR WHAT IT'S WORTH...WW