Hi, I recently purchased peter conti’s quick start documents and there is a lot of stuff here for the closing, escrow and a lot more.
I met with a lawyer and two escrow agents and none recommend doing this but I am because so many of you are doing it. Can I just do this myself with the lease option agreement for the seller and the seperate lease and option agreements for the buyer? also in a lease option do I have to use the additional insured agreement to add me to the sellers insurance policy, or an escrow account? I got in to this because its supposed to be simple and im jumping through hoops here, it should’nt be this way.
Oh, one of the escrow agents actually said her lawyer told her that I am un lawfully acting as a real estate agent.
…even if you’re a principle in the deal?
An agent represents others in real estate transactions and
never buys, nor sells, anything.
You, on the other hand, will be acting on your behalf and will
be compensated via a lease agreement and/or assigning
your option to purchase.
They may view it as being the same (and your state laws may
view it as so), but in all actuality it’s not.
What did you say to them in the first place for them to say you
were “unlawfully acting as an agent”?
riddlerx7,
It is supposed to be easy - it shouldn’t be complicated. Why don’t you just flip the lease option contract to a tenant-buyer, collect your $3-5k, get out of the deal and move on?