I have the buyer and seller, I am wholesaling the deal. In the LOI, should I put my name and the buyer as well? or just me? Notice in some state like Texas, I MUST disclose I intend to assign the equitable interest. So I believe I should put my name as the assignor and the buyer as the assignee. I just want o let the selling party my intent. Please any advice would be appreciated.
Buffalo, NY · Member since 2018 · 790 posts · 530 votes
1y
If you already have the buyer and the seller in agreement, you can probably skip the LOI and go straight to a contract. If this is your first deal, it's probably best to get a lawyer to make sure you're doing everything properly.
ok, I do not have the PSA yet. We are in the LOI stage.. Like I said I have the buyer ready to buy. So again, can I put my name as the assignor and his name the assignee both as buyers or just my name?
ok, I do not have the PSA yet. We are in the LOI stage.. Like I said I have the buyer ready to buy. So again, can I put my name as the assignor and his name the assignee both as buyers or just my name?
I think that is more of a question for your attorney and the answer will likely vary by state. Are there wholesalers in your market you can ask if you don't want to talk to a lawyer for some reason?