Know any Lawyers that Draft Assignment Contract for Wholesaling

Armink

New Forum Member
Registered
Aug 3, 2018
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#1
Hello all,

New member here, and just found out about REIN! Great community to be apart of for sure.

I wanted to know if any of you know a Real Estate lawyer that can do assignments (for wholesaling properties).

I have Buyers and Sellers lined up, done advertising and layed all the ground work that needs to be done, but haven't found a lawyer that is familiar with the concept of wholesaling in my city ( Ottawa, ON).

They mostly say "we are not familiar with it," "we don't do this kind of work," or "you need a license." Wondering why they might say it?

I had a lawyer say that I need to get a standard purchase and sale agreement and bring both buyer and seller in the law office to make the transfer.

Any advice, tips or recommendations are more than welcomed!

I've done all my research and DD, to a point were if I don't find a buyer, I'm able to purchase the house for cash- Literally.

Regards,
Armin
 

Matt Crowley

Senior Forum Member
Registered
Dec 14, 2013
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Calgary
#3
Why don't you need a license to trade real estate?

Why would someone with money and investment experience use a wholesaler who took a weekend course and now wants a commission and can't trade in real estate?
 

ThomasBeyer

Senior Forum Member
REIN Member
#4
Why don't you need a license to trade real estate?

Why would someone with money and investment experience use a wholesaler who took a weekend course and now wants a commission and can't trade in real estate?
Because she/he (hopefully) has built a reputation as a finder of decent deals, unlike most realtors. And because she/he has a house/condo for sale. Selling a house or condo you own (even if just for two minutes at the lawyer table) doesn’t need a license.

Of course, there is possibly an argument that assignments are resales of properties you do not own.

In BC, assignments and uplifts have to be disclosed, though, and paid back to seller, so this strategy doesn’t work in BC, but still elsewhere in Canada.