Hi im basically do a CO-OP Agreement but i just wanted to know if i really needed to sign a lease to do a co-op is there a document thats simply states that i get paid for bringing the two parties together whether it is a seller and a tenant or a seller and a investor thanks in advance for everyones advice
You have to sign 3. The Lease, Option, and the Assignment agreements. You collect the Option Consideration from the end buyer. Thats your fee. Herbster
Eric, you need to be a principal in the deal, otherwise you are brokering real estate without a license.
Yes, you need to make sure that you are licensed… are you?
You can check with the HUD website in your area to make sure you are following the proper guidelines, because you will not only potentially get yourself in hot water, but also the parties you are doing business with. not trying to scare you, just make sure you cover your butt!
Hollywood, I can’t agree, there are hundreds out there doing this without a license. You actually assign your agreement for a fee, not sell a property.
Eric, scratch part of my last post. In a normal Coop assignment you sign the lease, but I’m currently using an Option to Purchase and assign or release it so the seller and buyer can do their own forms, which I provide. Herbster