As a property finder (in my case a JV/Partnership with my buyer)-my buyer sent me an NCND agreement to sign and send back to him. My question: Do i have to send him a JV/Partnership agreement contract to sign with my buyout percentage stated-or can i just send him just a "brief" of my buyout percentage by itself. To what extent are he and i legally bound, at this point, for each property i submit to him just based on his NCND agreement? The contract i have is rather lengthy and i may have to repeat sending him a copy for each property i submit to him. Thank you, Dan Krause :D :D :D
Lender · Fort Pierce, FL · Member since 2009 · 825 posts · 486 votes
16y
I agree with what Bill stated.
Certainly read the agreement carefully.
But you have to ask yourself .. and your buyer partner why the parts of the NCND are necessary.
Are you going to circumvent him to get into his wallet? That is ridiculous on its face but it may indicate that your buyer is not the money guy. If he is the money guy, you can't circumvent him.
What information does this partner NOT want you to disclose? Certainly, the end buyer will be disclosed to the seller at some point.
Does the non-disclosure prevent you from accomplishing your duties?
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
16y
Dan, if someone is sending you a NC/D agreement before you sign anything you should send them your documents, then talk about the relationship before you ever start talking about specific properties. Good luc, Bill
Lender · Fort Pierce, FL · Member since 2009 · 825 posts · 486 votes
16y
I agree with what Bill stated.
Certainly read the agreement carefully.
But you have to ask yourself .. and your buyer partner why the parts of the NCND are necessary.
Are you going to circumvent him to get into his wallet? That is ridiculous on its face but it may indicate that your buyer is not the money guy. If he is the money guy, you can't circumvent him.
What information does this partner NOT want you to disclose? Certainly, the end buyer will be disclosed to the seller at some point.
Does the non-disclosure prevent you from accomplishing your duties?
:D :D Well i told my buyer that i was starting to get some property leads (nothing solid) and if a seller/broker required Proof of Funds would my buyer be prepared to show it? My "buyer" is actually a broker who represents his own fund of buyers. At the moment he says he does not have POF available because the actual money person is on vacation. This is when he sent me the NCND agreement. I asked him about POF ahead of time because once in a while sellers ask for it. Just a preliminary thought on my part. But so far my seller leads have not made this request. Dan
:D :D I still have to locate some more property leads before i actually show any deals to my buyer. So i have some time to submit my own agreement in the meantime.
:D Kevin Yeats was also right. I sent the buyer my JV/Partnership agreement to sign and send back to me. His response: He and I would be working together and his investor is out of town at the moment and he will contact me as soon as he has a long talk with his investor.I could wait forever on this one and dont want to.