I am currently working with a liquid investor who has agreed to pay me a wholesale fee for all properties or connections I send him that result in transactions. I recently acquired a good contact who specializes in trustee sales and we should be closing a lot of deals soon. My concern is protecting my commission. I am not an agent but is there a form or contract I can have my investor sign that will insure I get paid? He could easily take my connections and cut me out. How can I prevent this? Any advice would be greatly appreciated.
You setup an option agreement with him and record it. That gives you and only you the right to purchase the property for a set period of time.
You can probably find examples on your county recorder site. In AZ, they are recorded under "agreement", not sure for CA. Good luck.
Does anyone in California have any idea where I can find this option agreement? I looked at the Los Angeles county recorder website with no luck. Any additional suggestions would also be appreciated.
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