Posted by tarun on January 18, 1999 at 21:37:26:
You can go to the courthouse and record the contract at the courthouse. This will put a cloud on the title and any other investor who tries to steal the deal from you will not be able to purchase the property without your permission. Hope this helps!
Question about contracts - Posted by Marlon (OH)
Posted by Marlon (OH) on January 18, 1999 at 18:26:58:
I have a question that may seem a little stupid, but I’m going to ask it because I honestly don’t know the answer. Let’s say I find a property and the sellers sign a contract in order for me to tie up the property while I find someone to flip
it to. Now whats stopping them from selling to someone else during this time? Does the contract need to be notarized or something to make it binding?
Thanks in advance for your answers.
Re: Question about contracts - Posted by Redline
Posted by Redline on January 19, 1999 at 11:34:17:
You write up an agreement that explains in detail how the deal is going to work and that you as buyer have X days/weeks whatever to find another buyer, or to assign or to back out, etc.
ONCE THIS AGREEMENT IS SIGNED, IT BECOMES A LEGALLY BINDING CONTRACT.
The sellers cannot by law, then go to someone else and sell. If they did you would sue and win damages. They’d be held in breach of contract and any court would be find in your favor.
I wouldn’t worry too much about this - just find good properties and tie them up with good contracts.
RL