Arcus 0 Report post Posted October 21, 2003 I have a seller that I am about to do a coop assignment with. For some reason I am having a difficult time with Michael's CAAssignment contract. How can I complete the form between myself and the seller if I do not have a T/B. What do I put for the commence date of the lease? How do I know how many cars they have?etc.,etc. I have developed a mental block and I need some guidance. I believe the CA is a great tool and this is a great website. Any help is greatly appreciatedArcus Share this post Link to post Share on other sites
ctrmrz31 0 Report post Posted October 22, 2003 I have never done a coop deal yet, but if I understand it correctly, what you do is make the deal with the seller with the first contract called: CA Residential Lease Agreement. The terms you agree to on this first contract is what you will be assigning to the Tenant/Buyer. Now, you will be considered the Tenant/Buyer at first just for the purpose of becoming a priciple in the deal and as for how many cars and people will be living at the home is something agreed to before hand by yourself and the seller and for the names, those obviously cannot be filled in until you have secured a T/B to assign this contract to.As for when you commence that also is up to you and the seller, whatever you can get out of him and Michael recomends to get as much time as you can, at least 60 days.I hoped this helped you or someone on this forum.Good Luck and happy investing brother!!!Cruz Share this post Link to post Share on other sites
Mark in St. Louis 0 Report post Posted October 22, 2003 Michael, Could you possibly elaborate on this topic? I am meeting someone tomorrow morning to discuss just such as deal. Could you please explain what all documents are used in a CA (from your course)? What document is signed when, and by whom? Does there still need to be a Memorandum of Option since you are just signing over your interest. Does the incomong T/B need this? Also, asked above, how do you handle # of people allowed, # cars allowed, names of parties, etc.? Thanks! Mark Share this post Link to post Share on other sites
ctrmrz31 0 Report post Posted October 22, 2003 Michael should be back any day now and should clear up all your questions Mark.I think if you have the manual that it is explained quite well there, but I also agree with you, elaboration is good.Brandon Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 23, 2003 OK, let's talk about Cooperative Assignments.....What's important are the terms such as lease length, monthly payment, rent credits, and purchase price. Details such as number of cars can be left blank for the time being. When you have your specific tenant/buyer you can simply fill in the missing blanks. Really not an issue at all.As for the lease start date, write in the expected date that you think a tenant/buyer can be located and expected to move in and take possession of the premises. If you find someone sooner than expected, move up the date. If it takes longer you have no risk. See Page 2, Paragraph 8, of the CA Residential Lease Agreement. You have the right to cancel at any time up to the lease start date. You will also complete the Option to Purchase Agreement. Both of these docs are completed by you and the homeowner.Then, when you find your tenant/buyer, you all sign and receive copies of the CA Assignment of Agreement. Since you are not remaining in this deal you have no need for filing a Memorandum. The tenant/buyer can, and should, but that is up to them. Share this post Link to post Share on other sites
Mark in St. Louis 0 Report post Posted October 23, 2003 Michael, In the previous post you say the following: Then, when you find your tenant/buyer, you all sign and receive copies of the CA Assignment of Agreement. When you ALL sign and receive copies of the CA Assignment of Agreement, that means all 3 parties...correct? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 23, 2003 Correct, Mark. All three parties receive a signed copy of the CA Assignment of Agreement. Share this post Link to post Share on other sites
Mark in St. Louis 0 Report post Posted October 24, 2003 Michael, Once we have the tenant-buyer, and the assignment form signed by everyone, should we educate the sellers about how to handle record-keeping? I mean, don't they need to keep copies of everything for the tenant-buyer (like copies of checks, envelopes, etc) so that they can have proof of everything when they go to qualify for a mortgage and exercise their option. Do you get inot that with the seller? I want to do right by them. Thanks! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 24, 2003 I agree, Mark. I try to provide as much customer service as I can. You can be assured that along the way this will come back to you in the form of another deal.Either they will contact you again with this same property if and when the tenant/buyer doesn't exercise their option, or a neighbor will be referred to you as a result of a pleased homeowner. I always tell them to stay in touch with me and to call me if they have any questions. It's good business practice and pays off in the long run. Share this post Link to post Share on other sites
