Calgary lawyers open to wholesalers.
- Thread starter Eons
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If it's a sweet deal in Calgary I'll buy it from you and pay you your fee on the spot, I don't need to wait for closing. Just PM me Address and price and I'll tell you yes or no.
I don't have a deal on the go right now, I'm just trying to lay the groundwork so I can close deals as fast as possible with a lawyer that understands how assigning contracts works. But I'll keep you in mind and add you to my buyers list now that I know you're interested and the fact that you don't need to wait for closing.
Not sure If I can PM you not being a full member.
What areas are you most interested in? And how much are you looking to profit per deal?
If you can PM me maybe send me an email address that I can use to get in touch with you in the future. Or I could just use the email on your website.
What areas are you most interested in? And how much are you looking to profit per deal?
If you can PM me maybe send me an email address that I can use to get in touch with you in the future. Or I could just use the email on your website.
Well according to the Alberta Land Titles Act every contract is assignable whether it has an assignment clause in it or not so I think I answered my own question.
I may not need to find a lawyer that specifically deals with assignments because it's already something you can do in Alberta anyway.
I wonder though if they could refuse to deal with a closing where someone else has assigned the contract to another buyer. Does anyone know if this could be the case? Can they refuse to handle a closing?
I contacted one real estate law practice in Calgary and they said that they wouldn't be a part of assigning contracts. They actually called it a skip transfer and seemed pretty turned off by the idea almost as if they considered it illegal.
I may not need to find a lawyer that specifically deals with assignments because it's already something you can do in Alberta anyway.
I wonder though if they could refuse to deal with a closing where someone else has assigned the contract to another buyer. Does anyone know if this could be the case? Can they refuse to handle a closing?
I contacted one real estate law practice in Calgary and they said that they wouldn't be a part of assigning contracts. They actually called it a skip transfer and seemed pretty turned off by the idea almost as if they considered it illegal.
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[quote user=Eons]I contacted one real estate law practice in Calgary and they said that they wouldn't be a part of assigning contracts. They actually called it a skip transfer and seemed pretty turned off by the idea almost as if they considered it illegal.
You can expect this from most lawyers. The reason is because of their obligations to the lenders involved in the closings.
for example
Seller A sells to Investor B
Investor B sells to buyer C.
C has a contract with B, and C needs to get a mortgage to close. Well B doesn't own the property, A does, and there is no contract from A to C which most conventional mortgages need in order to fund. They need that written connection between title holder and buyer.
Lenders don't like to see assignees in the mix, and all it does is create work for the lawyer to navigate this. Lawyers don't want to burn bridges or have awkward conversations with the lenders they see day in and day out, hence why you will find it difficult to find a lawyer that will work with you on this.
You can expect this from most lawyers. The reason is because of their obligations to the lenders involved in the closings.
for example
Seller A sells to Investor B
Investor B sells to buyer C.
C has a contract with B, and C needs to get a mortgage to close. Well B doesn't own the property, A does, and there is no contract from A to C which most conventional mortgages need in order to fund. They need that written connection between title holder and buyer.
Lenders don't like to see assignees in the mix, and all it does is create work for the lawyer to navigate this. Lawyers don't want to burn bridges or have awkward conversations with the lenders they see day in and day out, hence why you will find it difficult to find a lawyer that will work with you on this.
Interesting thanks.
Hypothetically then how would it work if I was to assign a contract to you? Would we have to use your lawyer? Or is there a chance that the deal would fall apart because of the lender's requirements (I guess this wouldn't happen if you are a cash buyer)?
And when I sign a contract with the seller do I have to get it to a lawyer immediately or can it wait until after I've assigned it?
I guess if I'm understanding correctly that that's why you wholesale to cash buyer's. They don't require financing so there wouldn't be any lender's requirements.
Hypothetically then how would it work if I was to assign a contract to you? Would we have to use your lawyer? Or is there a chance that the deal would fall apart because of the lender's requirements (I guess this wouldn't happen if you are a cash buyer)?
And when I sign a contract with the seller do I have to get it to a lawyer immediately or can it wait until after I've assigned it?
I guess if I'm understanding correctly that that's why you wholesale to cash buyer's. They don't require financing so there wouldn't be any lender's requirements.
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[quote user=Eons]Hypothetically then how would it work if I was to assign a contract to you? Would we have to use your lawyer? Or is there a chance that the deal would fall apart because of the lender's requirements (I guess this wouldn't happen if you are a cash buyer)?
If I were to buy one I would either pay cash or use a hard money lender to close. Or if I wanted to use more conventional long term financing I would just do a seperate fee arrangement with you outside of the contract (called a finders fee) and look for paperwork directly with the title holder.
[quote user=Eons]And when I sign a contract with the seller do I have to get it to a lawyer immediately or can it wait until after I've assigned it?
As long as you have all of the title holders signing the purchase contract you don't need to go to a lawyer right away, no. You go to a lawyer when you have all the pieces together and are ready to close. Basically you need somone to buy your assignment first. If you have given yourself a very long time to close (like half a year or something) and you want to make sure that the owner doesn't sign a purchase contract with someone else and sell the place twice (even though they can't do this it does happen) you can register a caveat on title by way of a purchaser's interest which will block title transfers until you need to close.
[quote user=Eons]I guess if I'm understanding correctly that that's why you wholesale to cash buyer's. They don't require financing so there wouldn't be any lender's requirements.
Money (equity) in the deal makes everything easier in real estate.
If I were to buy one I would either pay cash or use a hard money lender to close. Or if I wanted to use more conventional long term financing I would just do a seperate fee arrangement with you outside of the contract (called a finders fee) and look for paperwork directly with the title holder.
[quote user=Eons]And when I sign a contract with the seller do I have to get it to a lawyer immediately or can it wait until after I've assigned it?
As long as you have all of the title holders signing the purchase contract you don't need to go to a lawyer right away, no. You go to a lawyer when you have all the pieces together and are ready to close. Basically you need somone to buy your assignment first. If you have given yourself a very long time to close (like half a year or something) and you want to make sure that the owner doesn't sign a purchase contract with someone else and sell the place twice (even though they can't do this it does happen) you can register a caveat on title by way of a purchaser's interest which will block title transfers until you need to close.
[quote user=Eons]I guess if I'm understanding correctly that that's why you wholesale to cash buyer's. They don't require financing so there wouldn't be any lender's requirements.
Money (equity) in the deal makes everything easier in real estate.