I am having a sistuation to have the exclusive right to sell a property that I do not own to a third party. The owners told me how much they want and they have a reconveyence of the deed from their family through quit claim deed registered to their name. I actually have found a buyer agree to buy it for more than what the owners want, so I have a potential to make some profits here. I want to know if there is a way that I can be the middle person that make the deal completed and make it transparant to the owners. Which is totally ok because that the owners promise to take just what they want, however I will be more comfortable to have it done in a way this is transparant to them and can some experts here in this forum help out please?
This sounds like it needs to be a double close to me. While they are the owners they will know how much is being paid for the property.
Would you please explain what do you mean by double closing? Does it mean to buy it from the seller then sell it to the buyer? Can I used two Attorneys, while the “first one” I signed a note with the seller agree to buy and ask to release the deed as money is coming in from the buyer. “Second one” I signed with the buyer and while money is deposited in the attorney’s escrow then to notify the “attorney one” to release the deed and resposible for the transfer of funds?
Please advise any key steps that may be important and missing out here.
Thanks if any one can pitch in their thoughts and great ideas here that can help me seal this deal.
Thanks for the help!
A double close is when you first close the deal yousrself and then resell it to an investor, which you will again have to close. Hence, the double close.
Why not just lock it down with an option to purchase agreement then sell your option to the third party with a release of option? Easier and cheaper than doing a double close and what really is the sense in hiding how much you make if the sellers know up front you are reselling at a profit? They already know you are going to make money and are happy just to get rid of it for what they want.
That is what I thought. However I like to know if there are any otherways to do it and the least expensive way, with the least troubles