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Peter Toth's Discussions

Options with assignements/realtor question
12 Replies

I was told that in NJ I cannot get an option on a property and assign this to someone else if I am not a realtor (or take an option contingent upon finding someone to sublease if I am not a…Continue

Started this discussion. Last reply by Eric Einholz Aug 19, 2012.

 

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Eric Einholz replied to Peter Toth's discussion Options with assignements/realtor question
"Peter: The workaround would be to get a new realtor or lawyer.  Mine has held escrow for me on an assignment.....   and there were no realtors involved.  The buyer's attorney and sellers attorney did all the paperwork, they…"
Aug 19, 2012
al replied to Peter Toth's discussion Options with assignements/realtor question
"Wakal, In the future, take off your caps lock!"
Aug 18, 2012
frank elwood replied to Peter Toth's discussion Options with assignements/realtor question
"That is what most people who dont fully understand assignments say when asked if they are legal. Nj allows them banks dont. But there are legal ways around that. On being adding your end buyer to the contract then after the closing quit claim the…"
Aug 16, 2012
Peter Toth is attending TriState Mixer's event
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NORTH NJ Main Meeting - How to Invest in Tax Lien and Deeds at Renaissance Meadowlands Hotel

August 13, 2012 from 6pm to 10pm
PRE-MEETING: Begin at 6:30 PM and Topics/Speakers vary each month. Members and Visitors -- Come early and learn from our experts!Topic: If you are having problems finding deals.  I know exactly where they all went.  I will be talking all about it tomorrow.  Nick MAIN MEETING: How to invest in Tax Liens and Tax DeedsThousands of hard working investors have experienced failing investments. You know the story, property values have crashed 30-70% depending upon where you live. The dream of owning…See More
Aug 13, 2012
Tiffany D Anderson replied to Peter Toth's discussion Options with assignements
"From what I've learned after going to a couple of TSM workshops, (especially from the legal firm listed under our vendors - Levy, Ehrlich & Petriello), is that you must have a clause or addendum added to the contract for your protection. So…"
Jul 13, 2012
Peter Toth replied to Eric Einholz's discussion SEEKING JV PARTNER
"Still looking? Do you have more details? Peter"
Jul 9, 2012
Peter Toth replied to Frank Barillari's discussion Jersey City - Two family contract flip
"Do you have rehab estimates?"
Jun 20, 2012
Peter Toth replied to Kwamé Baker's discussion Plainfield, NJ - 3 Fam-120k-occupied
"still for sale? Peter"
May 10, 2012
al replied to Peter Toth's discussion Options with assignements
"You're all talking about two distinctly different things. Are you asking what the LAW allows or what the BANKS allow? The law, in NY and NJ allows for assignments. The banks, in short sale situations, do not. I've been doing assignments in…"
Nov 16, 2011
al replied to Peter Toth's discussion Options with assignements
"If your option does not disallow an assignment, it is fine. BUT, what are the exact circumstances? If this is a short sale, the BANKS won't allow it. This is a different story."
Nov 16, 2011
Eric Einholz replied to Peter Toth's discussion Options with assignements
"That's why I can't stand most attorneys. "
Nov 16, 2011
Tiffany D Anderson replied to Peter Toth's discussion Options with assignements
"I'm hearing the same type of thing as well. An attorney (here in NY) told me to just be sure I don't need a license when wholesaling. I'm looking for answers now. I'll get back to you as soon as I find an answer. "
Nov 15, 2011
Peter Toth replied to Peter Toth's discussion Options with assignements
"It was actually an attorney. But they also said flipping was not legal in NJ.   I do not trust her answer but not sure how I can prove it wrong."
Nov 14, 2011
Eric Einholz replied to Peter Toth's discussion Options with assignements
"I'll bet you heard that from a realtor."
Nov 14, 2011
Peter Toth is now friends with Robert Farmer, Sean Phillips and George L. Ware
Nov 14, 2011
Peter Toth posted a discussion

Options with assignements

I was told that in NJ I cannot get an option on a property and assign this to someone else if I am not a realtor (or take an option contingent upon finding someone to sublease if I am not a realtor. Does anyone know if this is accurate or if I need to find a workaround? Thank you, PeterSee More
Nov 14, 2011

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At 8:29am on August 13, 2011, al said…
Hi, If you're still interested in Al's Coaching, please send an email to albro62@gmail.com, saying you are or are not interested, and city where you live. Thanks, Al
 
 
 

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