OfflineI live in Maryland, Have finally met attorneys that will do assignment contracts. After several meetings they showed me Maryland law that prohibits any one that provides a brokerage service needs a real estate license to get paid. They have advised me that I must get my license and find a broker to complete these deals. I didnt want to become an agent and needless to say put out more out of pocket money to get going.
Advice any one Please !!
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I do assignment in Maryland. I use Title company to work on our assignment deals. Any Contract in Maryland are assignable that's what my partner told me when I first started. If it's ilegal, i'm sure our Title Attorney already have prohibit us for doing it. Every attorney maybe have there own interpretation of law. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Thanks for responding.. Im sure every contract is assignable, but getting a fee for your services to do so is a different matter. Are you currently doing assignments ? We were told that Title Companys dont do these deals simply because they can not modify contracts?
As I said, we use a Title Company to do it. I don't know how they do it but everything are in place in the HUD during the clossing. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
You do them as a independent contractor.
They all have different underwriters, and abide by different guidelines.
Some are stricter than others.
You'll find a good relationship with one !!!
~ Sherri
I live in Maryland too and have had no problem with assignment of a real estate sales contracts using title companies. Every contract by Maryland law is assignable by default unless it specifically states otherwise in the contract. For example the last bank REO I purchased the bank specifically included an addendum that stated that the contract was not assignable.
It is just my opinion but it may be the language you are using that may be causing the attorneys to think that you require a license to get paid. You are not "getting a fee" for assigning the contract you are "selling" the key word being "selling" your rights to the control of the real estate and the equity in the contract. You are not providing a brokerage service. Once you have the contract signed with the original seller you now effectively become the seller of the property and you have the right to sell the contract for a profit. Attorneys deal in the world of semantics and interpretation. How you state what you are doing can make all the difference in the world to them.
Tony
Tony