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Does anyone have an agreement/contract that I can have a wholesaler who agreed to split profit on a deal 50/50 with me sign to protect my interest in writing?
Any other ideas like maybe having him give me an option, but how would I secure that option if he decides to skip out on paying my half of the profit?
This is the first time doing business with this person as he called on one of my, “We Buy Houses” signs so I don’t have a history to establish trust so I want to get everything in writing.
Jeremy
An option secured by a Deed of Trust would be better. Record both of them. Title companies do not understand options so they could look over it. They do understand a Deed of Trust or a mortgage so that is why you need to record that.
I will post a Deed of Trust in the FILE VAULT. There are already several optin contracts there.
Jeremy
You could also deed the property in to a Land Trust then each of you have a 50 percent beneficial interest. See the benefiary agreement in the FILE VAULT.
But unless you are the trustee for the land trust, it is much safer for you to get an option for 50 percent and record a deed of trust or mortgage to secure the option.
I know some who have been screwed out of their 50 percent beneficial interest when they are not controling the deal by being the trustee.
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