Out of town homeowner CA deal

[ErikOk 10]

I have a homeowner that is a few hours away from the home that I have a cooperative assignment on. Makes it quite difficult when all parties are not face-to-face.

 

How do you all handle the changes on a contract such as?

 

1: The beginning and end date of the lease and option because the t/b will not move in on the exact date listed on the lease & option
2: Occupants in the residence (names, etc.)
3: Prorated rent (if t/b moves in before the 1st of the month)
4: Pets
5: Vehicles (name vehicles)

 

Usually when all parties are face to face, then I could just assign the agreement and they could handle these changes by themselves.

 

Since I am a principal, I am not wanting to make any changes, wire any money, or send any documents after I have assigned my interest in the deal or even before really

 

Do you have the seller give you or the tenant buyer the verbal OK for items 1-5?

 

Do you have the t/b draw a line through & initial changes, and add any extra information 1-5 themselves?

 

Do you have the t/b wire money or mail a cashiers check made out to the seller & wait until it's cashed before the seller gets the keys?

 

 

Thanks

[<Steve> 82]

I typically always need to update the agreements when a t/b is found. Lease start date, pets if any, fill in the blanks with the occupants and vehicles etc. The seller and I re-sign the modified (final) agreements and then the t/b signs the assignment. If the seller is out of town, update the agreements and send to the seller to sign and return, then finish up with the t/b. Have the t/b give you all the funds and then distribute. Lastly, I give my key to the tenant/buyer.

[ErikOk 10]

I typically always need to update the agreements when a t/b is found. Lease start date, pets if any, fill in the blanks with the occupants and vehicles etc. The seller and I re-sign the modified (final) agreements and then the t/b signs the assignment. If the seller is out of town, update the agreements and send to the seller to sign and return, then finish up with the t/b. Have the t/b give you all the funds and then distribute. Lastly, I give my key to the tenant/buyer.

Wouldn't it be better to have the t/b just make the changes I mentioned to the existing lease & option by adding information or crossing out, then changing & initialing the lease term? (I know we obviously leave my company name on the original lease & option)

 

Or, maybe the t/b could leave the existing lease & option "as-is", we all sign the assignment & the buyer and seller just do an addendum with all of the changes.

 

Maybe I'm making it harder than it needs to be, but I want to remain a principal in the deal and not start filling out information per the buyer or seller's instructions. Does that make sense?

[<Steve> 82]

Erik-

 

There are 10 ways to skin a cat. And it's what ever is comfortable for you and the parties involved. Keep it simple and be creative in make things work for everyone and you getting paid. Each deal is a little different.

[MichaelC 160]

If I was a prospective t/b and the deal I was being assigned wasn't the deal I was promised, I'd run. You're telling the t/b to trust you that the homeowner will make the promised changes after he has paid you. I don't know too many who would go for that.