All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

To constitute a taxable written obligation to pay money, the document must contain an unconditional written obligation to pay a sum certain in money and be signed by the obligor.

I had studied with one of the RE "gurus" in the past, and I can unconditionally state that there is more information, education and community involvement here on BP than any I have seem previously.Good luck with your RE investing!

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

"however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved."    

I can unconditionally tell you that if there is a correction in the RE market for whatever the reason is, there are only a few types of properties which may be exempt.  

Your lender can make that escrow contract completely one sided and have you waive any right to the monies and waive any right to dispute the monies are yours.Another, thought, is if you are showing a loan, which you are and you put on the contract cash then your loan letter would need to state unconditional commitment.

Here is a list of things you need: ACORD copy naming you as additional insured, W9 payment details form, "Unconditional lien waivers on final payment" for ALL subcontractors and suppliers as well as his company's, copy of his contractors license, copy of contracts, Guarantee statement.Note: If he could not provide unconditional lien waiver on his subs, ask that you issue a check to him AND his subs/supplier, in case of multiple suppliers, it will be multiple JOINT CHECKS.Hope that helps.

You need to make sure you don't "accidentally" go unconditional.

:oops: Thanks for your unconditional willingness to help a NewB in CA.