OfflineI recently received a question about doing assignments in California, Texas and Ohio.
I can presume the question was asked because the askee had heard that assignments are illegal in these states.
The best approach you can have for your business is to get a lawyer involved. Lawyers can changes and work with contracts so that they fit your state laws.
Each state may have their own requirements about an assignment. Those states that have been listed are some of the states that have unique requirements. Using title or closing companies are common in states such as these. However, generally speaking, title and closing companies do not have as much ability to work with contracts as a lawyer may.
When the concept of using a lawyer is brought up people get a little skittish. These people may think that the lawyer will be a shark and way to expensive for them. I can understand these concerns but you will find as I and others have found that lawyers cost about the same as a title or closing company.
In answer the the question - best thing you can do is get a lawyer in these states.
You may have Realtors tell you that it is illegal in your state. Think - if you have a lawyer that says you can do assignments you can say to the Realtor "Call my lawyer. They say I can do assignments."
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thank you Coach Street for this information. It is funny how much some Realtors do not know when it comes to closing deals. If it is new to them I guess I can see why they don't know.
Thanks for the post.
Steve.
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Yes, thank you for the information. My realtor didn't even know what I was talking about, and now she wants to talk about it. I think she is just fishing for what I am doing.
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nstreet can you tell me how to look up the laws, I know there is something like a real estate law book, or something to that effect that you can google, the name is escaping me. I posted a thread but really no response to the question there. Thanks, Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Great question.
The best way in my opinion to look up law is asking a Lawyer to do it. However, this is not always financially a good idea. In this case your state will often have a division of real estate or division of commerce. It is common that there are law knowledgeable people in these state that can lead you to the books.
Every library carries your states laws and states statutes that you can research after you have gotten a lead from the people at the division of real estate or commerce. You may also find the same information online.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
NStreet, I will check this out. The librarian sounds great! Sincerely, Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Thanks for the post.
Steve.
Most Realtors spend about two weeks in class. You may hear that the Realtors do 90 hours of school. This is true but the 90 hours are straight hours and not like college hours.
Realtors are taught how to keep from getting sued and a little on doing transactions with retail buyers. It is common that they have never learned about investing or even thought about investing themselves. Because of this they feel what they do not know cannot be done.
Don't get me wrong there are great Realtor but most of them are in a small 5% of all Realtors.
Having a good lawyer can trump a Realtor in knowledge of laws.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125