I need an advise again. I have a property that I want to refer because I am in no position to buy it. How can I protect myself in this situation? Is there any forms or contracts that I can use to ensure my referal fees from an investor?
Look on the Web or just draw up a simple finders fee contract. If the investor is not a dummy-he should be more than happy to pay you somethng for that info when he closes the deal knowing that ya might have another and another and another - get it?
If he screws you out of the money/deal then find another investor who isn’t pennywise and pound foolish
By this assignment of contract, and in consideration of an earnest money deposit of $__________, ____________________ hereby assigns all rights, obligations and responsibilities in the above-noted contract dated ____________________, with ____________________ to the assignee. The assignee of this property hereby agrees to fulfill all of the same conditions and terms of the above-referenced contract, including but not limited to all settlement requirements as originally stated.
The total consideration for this assignment is a fee in the amount of $__________, to be paid at settlement.
Hope this helps
Yes if you can sign the deal, you can assign it to someone else for a fee using something like the above wording. But if you just want to refer a deal, I ussually dont get anything signed. Most investors have enough sense to pay you if they can close and make a profit. But thats just me, if he screws me, he gets no more, J