All Forum Posts by: Michelle Green

Hi @Warren Kirschbaum - Thanks for your contribution! Depending on how far we get with this deal, it may be a good idea to get your advice on the specific terms of the contract. (I'm working with some people on the ground as I am a virtual investor, so they may already have an attorney in mind that they prefer to use). Regardless, I don't suppose you'd be happy to let me have a look at the contracts/addendums you use? ;-) 

Hi @Charlie MacPherson - Thanks so much for your comments. Yes, contamination is an issue that I am aware of and want to make sure is dealt with in the contract. I had also flagged the issue of the underground tanks. These are great suggestions, thankyou. Do you have any suggestions for wording that you would be happy to let me have? Feel free to e-mail or PM me.
At this stage, I'm toying with the idea of having the Seller's attorney draw up the documents, and then I can insert/delete clauses as necessary.

@John Thedford, thanks for your feedback. Yes, I am aware of 475.43, which is why we are trying to put in place a contract to purchase the property in compliance with the statute.

Hi @Hersh M. - Thanks for your response! Possibly will be involving a commercial lawyer, but at this stage just putting some info together. We have access to a Seller who needs to sell, and also a Buyer who needs to buy, so just looking to find a way to put the two together. Numbers haven't been discussed in any detail yet. If you have any suggestions for things we need to be wary of, they would be much appreciated.

Hi everyone,

Looking into putting some documentation together for a possible gas station wholesale deal in Florida that I have come across. Does anyone have any suggestions for clauses to include in a gas station contract (and/or a template/example one they'd be happy to let me have a look at?) At the moment, i'm just looking at tweaking the standard Florida commercial purchase and sale agreement to suit (with some specific clauses I can think up relating to gas stations, specifically liability for contamination etc).

Thanks, as always!

Michelle

Hi @Mike Sedlacek,

Thanks for your response. Just to make it clear, I wouldn't actually be representing either the buyer OR the seller, so I don't think I could really be considered to be "offering to buy" or "negotiating" in any capacity. I would merely be putting the end buyer in touch with the seller via a network of contacts.

Good advice to contact a legal representative, though. It's always a good idea to run these things past an attorney first.

Hi Everyone!

Looking for some advice on the below problem...

I've been looking into the use of Master Fee Agreements for use during large wholesaling/investment transactions.

What are the best contracts to use where there are multiple parties to the transaction? i.e. 1. Seller. 2. Sellers Agent/Broker. 3. Me. 4. Wholesaler 5. Buyer's Rep. 6. Buyer etc. etc.

I would envisage using a Master Fee Agreement between the Buyer and the Seller's Agent/Broker to ensure payment of the commission/fee (3-6%). However, how do the rest of us "middlemen" (i.e. Me, Wholesaler and Buyer's Rep) ensure we're protected in the deal as the "glue" that brings everything together? 

For the contracts, I see two possible options:

1. A one-use JV Agreement between Seller's Agent/Broker, Me, Wholesaler and Buyer's Rep which is specific to the deal, and sets out that any fees collected by the Sellers Agent/Broker upon closing of the deal must be disbursed equally (or whatever the split is) between all parties; OR

2. A Sub-Fee Agreement between Seller's Agent/Broker, Me, Wholesaler and Buyer's Rep which refers to the Master Fee Agreement, and says that any fee collected by the Seller's Agent/Broker under the Master Fee Agreement must be disbursed in accordance with the Sub-Fee Agreement (to the other parties).

If I were to choose Option 2, should I still be looking a putting in place a JV Agreement also anyway? If not, why not?

Note: I would assume I'd need non-disclosure/confidentiality clauses in the Sub-Fee and JV Agreements regardless of which one I chose to use, and in both if I decided to use both. Is this the only advantage to having both a JV and Sub-Fee Agreement in place?

Any assistance would be much appreciated!

Hi @Kevin Estey - Thanks for your response - I've joined the NZ investor thread!

Hi everyone,

I'm an investor in Florida from out of state (New Zealand). I'm doing some research on assignment deals (in the context of wholesaling), and i'm wondering what the situation is in Florida if an assignee (i.e. the end cash investor buyer) delays the final closing date for an extended period. The assignment contract I'm looking to use contains a time limit (i.e. 7 days to close from the date of signing the assignment contract), and therefore I would have the option to cancel the contract with the buyer and retain the deposit paid by them if they delay for an extended period beyond the closing date specified in the contract. 

In Australasia, a Seller has the ability to charge penalty interest (usually 12-14% of the purchase price per annum calculated on a daily basis) on the purchase price if the Buyer delays closing for any reason - however this is usually only a right as between the Seller (Party A i.e. legal owner of the property) and the end-buyer (party C) because of privity of contract rules - third parties (i.e. assignees) would usually have to go through the original buyer (party B) to make a claim for damages. 

Does anyone know if it is legal in Florida to charge penalty interest for delayed closing under an assignment contract and if so, can I claim interest on the whole purchase price, or is it more likely that I would just be able to charge interest on the assignment fee?

Otherwise, are there any alternatives which might protect me against the situation where a buyer may delay closing for a more than reasonable time after the contract date?

Any information anyone has would be greatly appreciated!