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attorney confused on the non exclusive language

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This topic contains 28 replies, has 0 voices, and was last updated by Avatar of areyes areyes 11 years, 2 months ago.

Viewing 15 posts - 16 through 30 (of 30 total)
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  • #27126

    It ends right here, right now. All further banter that does not result in us all learning something will be removed. All comments not directly related to this topic will also be removed. Know kiss and makeup.

    Thank You.

    #27127
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27128
    Avatar of areyes
    areyes
    Member

    @mtnwizard49 wrote:

    I think you now have three threads on the same topic and you keep posting your thoughts out loud. As to your questions:

    Your option is for beneficial interest in a trust not in real estate.
    WRONG. HERE IS WHAT THE NEO SAYS:

    Optionor hereby grants and conveys unto Optionee the Option to PURCHASE THE PROPERTY OR _____ percent beneficiary interest in a residential title-holding (Illinois type) land trust into which title to the Property has been or will be vested, upon the terms and provisions as hereinafter set forth.

    YOU DIDN’T KNOW THIS OR COULDN’T FIGURE IT OUT, ALVIN???

    I believe you do not control the real estate, therefore you have no right to sell, rent, tenant option etc. without a license.
    WRONG AGAIN. THIS NEO GIVES THE OPTION OF OF BUYING THE PROPERTY OR (HUGE WORD) A BENEFICIARY INTEREST IN A LAND TRUST.

    We might have to give a Non Exclusive true purchase option and at our option if we find a tenant/buyer, move into a Land Trust. The likelihood or us finding a cash buyer or A credit buyer who is going to pay more than Full Market Value is highly unlikely. We need a true Purchase Option that automatically converts to title holding land trust option if we bring the seller a tenant/buyer.

    THIS IS A TRUE PURCHASE OPTION.

    I don’t believe the problem was the Option. The problem was how he acquired the tenant/buyer. Did he advertise or solicit for that particular property? If he did and did it without a RE license, he had no interest in that property. WRONG AGAIN. THE OPTION CREATES AN EQUITABLE INTEREST.

    The trust was not executed; he had no purchase or option agreement tied into the sale of that property. He had No equitable interest. You can not sell, offer to sell, lease, rent without a license if you have no equitable interest in the property. Investor 101. What do you think?

    I THINK YOU SHOULD KNOW BETTER, ALVIN. BILL HAS SET UP THIS PROGRAM AND IT HAS WORKED TO PERFECTION FOR OVER 20 YEARS. DO YOU ACTUALLY BELIEVE WE WOULD HAVE AN NEO THAT DOES NOT CREAT AN EQUITABLE INTEREST? COME ON! IT WILL TAKE MORE THAN SOME KNOW-NOTHING ATTORNEY AND A NEWBIE WITH A DANGEROUS AMOUNT OF LIMITED KNOWLEDGE TO MAKE IT ANY DIFFERENT.

    Just a piece of advice. You spend hours on this forum presenting all kinds of unique questions that, in my opinion, keeps you from your appointed task of doing your first deal. Good luck and don’t get bogged down in unnecessary details and arguments with attorneys. We’re pulling for you.

    that clears up a lot of things. i do believe that the NEO serves its purpose to allow us to send offers without being emotionally tied down. especially since its been used for the past 20 years. i dont doubt it and obviously i will continue to use the NEO to make my offers.

    to answer your question. i couldn’t figure it out which is why i posted these questions to get better clarification. im still standing after stumbling a little bit.

    thanks gary!

    #27129

    Optionor hereby grants and conveys unto Optionee the Option to PURCHASE THE PROPERTY OR _____ percent beneficiary interest in a residential title-holding (Illinois type) land trust into which title to the Property has been or will be vested, upon the terms and provisions as hereinafter set forth.

    “… Option to Purchase the Property”, at WHAT PRICE ?

    You’re not going to PURCHASE the PROPERTY and take Title, unless you’re getting it for a Price that works for you.

    If, a Credit Partner wants to Purchase at 90% and bring 10% down, while you “OPTIONED” to purchase it at 80%, then O.K.

    Some expences and some Profit may be able to be covered at 80%, or there about.

    But, at Full Market Comped Value ?; No, as you know.

    You’d “Sell” it for that, sure.

    You’d even be willing to Exercise an Option to begin a Trust, at the Termination of which, he’d receive the Current Full Market Comped Value.

    He’s Free to Use it or Loose it.

    Seems to be more of a No-Brainer that way, with all things being Equal.

    Introduce Scott’s Partnering Plan with him and get him to Pay for your Marketing, to be able to reap ( oops ) the advantages of his Cash Cow ( that sounds familiar, too :wink: ) OOOOOORRRR,

    …to shut up and go away.

    #27130
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27131

    @NeftaliPazo wrote:

    Scott and or Gary: Please post something here to the effect that Gary’s last post was not intended for me. My INTENGRITY is on the line amongst NARS members and visitors of this forum.Thanks.

    I think you just did.

    #27132
    Avatar of mtnwizard49
    mtnwizard49
    Member

    NeftaliPazo is a saint. I was referring to Get Smart who needs to in a hurry. Case closed.

    #27133
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27134
    Avatar of mtnwizard49
    mtnwizard49
    Member

    Si.

    #27135
    Avatar of neftalipazo
    neftalipazo
    Member

    Deleted!

    #27136
    Avatar of getsmart
    getsmart
    Member

    @mtnwizard49 wrote:

    Get Smart, you need to get smart. This is especially for you.

    Although its not in my nature to turn the other cheek, i will this time for the integrity of the forum.

    Come here you big lug nut.

    @Scott_L._Moyes wrote:

    Know kiss and makeup.

    #27137

    GetSmart, you are welcome to post here, but I will delete any arguementitive posts that do not relate to the topic. Thanks folks for your cooperation.

    #27138
    Avatar of mtnwizard49
    mtnwizard49
    Member

    I disagree and so does Bill. Get Smart violated our rules and spammed a member calling him names, hurling insults and worse, causing great discomfort and causing that member to contact an attorney. In addition, he did it anonymously — a cowardly act. In my opinion, Get Smart should be banned permanently. Sorry, Scott — but IMO you’re wrong on this one.

    #27139
    Avatar of kevinscott
    Kevin Scott
    Member

    causing that member to contact an attorney.

    Bummer.
    Members (or anybody else) should never be made to feel THAT threatened. I think this issue is INTERNAL, and shouldn’t be aired publicly on this board. Doesn’t do me any good. I’m here for the technical aspects and money makin ideas! GO PACRATS!

    #27140

    @mtnwizard49 wrote:

    I disagree and so does Bill. Get Smart violated our rules and spammed a member calling him names, hurling insults and worse, causing great discomfort and causing that member to contact an attorney. In my opinion, Get Smart should be banned permanently. Sorry, Scott — but IMO you’re wrong on this one.

    If that is true, I stand corrected. Thanks for the follow up Gary.

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