Hi Guys
I’d like to start off by saying this is a tremendous forum, one with excellent support and very informative. Keep it up!!
I am very close to closing my first wrap deal. However, I have a small hurdle to overcome.
I have had people look for a house first and then call me to arrange the deal. Since I am not the owner of the property (as it is still listed with the agent) I was wondering what would be the correct procedure in obtaining the deposit of the customer and buying the property. The current customer has a substantial amount he would like to put down as a deposit, so I really don’t want anything wrong to happen. I was thinking that the customer puts the offer and deposit himself, then nominates me as the purchaser and then I sell to him through the wrap agreement. Would this work?
Also, when is the best time to present the wrap agreement to the customer for them to sign it? Any feedback would be greatly appreciated.
Thanking everyone in advance
Oscar
Oscar,
The first part of this sounds a bit like a quasi-flip rather than a wrap. Not sure if it would work (or the legalities of this) but it sounds good.
About presenting the wrap element of the contract, might I suggest that you clearly explain the term & conditions prior to any agreements or action. Discuss these with your solicitor to ensure you minimise risks & have them presented to your client’s solicitor with the other documentation.
Michael [
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