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No Assignment Clause: Our 4-Contract Strategy to Get You Paid (Legally)
In AutoClose REI we are offering contract control by giving you proven steps to exercise when speaking with sellers, buyers and knowing what comes next when moving your deal to closing. In this post I will be sharing those steps and what to expect:
This saves you the trouble of getting a license or falling into the gap of having interests in the deal as a broker and earning a fee for connecting the seller and buyer.
🏠Seller: Contract#1🏠
When connecting with a seller from our provided services or daily leads that you receive from AutoClose REI you will need to use the following contract called “Option Contract”. This is the primary contract you will need to earn your equitable interests and claim your role as a deal finder. You will need to get a confirmed e-signature from the seller to complete this step in our 3-contract process. This agreement is between you and the seller allowing you to claim the interests in the property to start marketing to buyers during your option term agreement. This does not need to be submitted to any title companies.
Download “Option Contract” Here: https://autocloser.pro/contracts
👉Buyer: Contract#2👈
When connecting with a buyer from our provided buyer's network, deposition platforms or pre-qualified list that is offered to all members of AutoClose REI when they join either under the free plan or upgrade to as paid plan. If you have not received your FREE BUYERS LIST yet. Please feel free to contact the group admin (Patrick Lee Brown). You will need what's called our “Acquisitions Fee Agreement” that states a buyer's acknowledgement to pay you at closing. This will solidify your control over getting paid where the buyer submits a non-refundable EMD which covers 50% of your final payment. If they default or cancel the contract before closing, they will forfeit their EMD to you. This agreement is between you and the buyer and does not need to be submitted to any title companies.
Download “Acquisitions Fee Agreement” Here: https://autocloser.pro/contracts
🙏Title Company Instructions: Contract#3🙏
When you can get both the option agreement and acquisitions fee contracts signed, this means your end-buyer has already seen the property in person and has decided to move forward and wishes to purchase the subject property. To ensure you get paid at title and receive your final 50% of your payment or profit, you will need what's called our “Buyer’s Irrevocable Instructions”. This basically states a step-by-step instruction to the title company that a portion of the buyers' funds will cover your profit known as a “acquisitions fee or consultant fee”. With strict instructions to not label it on the CD or closing document as an assignment fee. This will be paid on the buyer's side labeled as OTHER. And does not affect or will be deducted from the seller’s proceeds. This will include the your WIRE INSTRUCTIONS.
Download “Buyers Irrevocable Instructions” Here: https://autocloser.pro/contracts
😎Purchase and Sale Agreement: Contract#4😎
When you get the other three contracts signed and the Investor is happy with the property and ready to submit their EMD, you will need to send the seller an offical "purchase and sale agreement". This step in completing this task is adding the buyers information to the contract and adding the sellers information to the contract and handling the e-signatures yourself by sending both parties the agreement through RABBITSIGN.COM. When receieved you will then need to contact the chosen title company (chosen by you or buyer) and submit it along with EMD of $5,000.
Download "Purchase and Sale Agreement" Here: https://autocloser.pro/contracts
Recap: Our 4-Contract Strategy
❌--Option Contract (Do Not submit to Title)
❌--Acquisitions Fee Contract (Do Not Submit to Title)
✅--Buyers Irrevocable Instructions (Submit to Title)
✅--Wire Instructions (Deposit Form)-Submit with Buyers Irrevocable Instructions
✅--Purchase and Sale Agreement (Submit with Buyers Instructions, EMD and Wire Instructions)
Disclaimer: State rules and regulations are changing and despite how most wholesalers are still doing “Assignments”. We need to adapt as real estate professionals that wish to close those $5,000-$20,000 assignments without delay or seller scrutiny. This now allows you to keep the seller in control, exercise your marketing goals, and ensure you safely get paid from the buyer through a secure escrow account with the title company.
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No Assignment Clause: Our 4-Contract Strategy to Get You Paid (Legally)
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