How To Split The Proceeds
Hi there.
I have a question about how to split the procedds of a sale and to be protected during transfer of title.
Me and my partner have 150K and we have 50K from a friend and we are almost done securing the remaining 275k from an outside source.
We have a buyer for 575K
We will have a 100k to spread.
How do we buy this property with the legal stipulation that we will sell it to the buyer that we have on hand and that upon the sale how the proceeds will (bound by contract) to be disbursed.
I guess what i want to know is how do we make sure that the outside guy does not screw us and how do we make it so that the outside guy knows we in know way can screw him upon closing?
The property is tied up buy a lady who has done all the leg work 9tilte etc..) and is going to get
25% of the gross.
Outside guy gets 50% of the Net
Our freind with the 50K will be given a little somthing from our share (a gentlemens agreement)
Thanks for the help.
Sounds like all you need is a lawyer to draft a contract that captures the business elements you have identified.
Sounds like all you need is a lawyer to draft a contract that captures the business elements you have identified.