Question about paying a down payment to a wholesaler. If I have to pay at the time of signing to the wholesaler by bank check…
Original publication date on the United States Real Estate Forum on Facebook:
2019-01-03T04:12:51+0000
Question about payment of down payment to Hollsiller.
If I have to pay at the time of signing to Wholesaler by bank check or wire. Is there any simple way to do this from the country? It comes out Friday night so a transfer from an Israeli bank will only be made on Monday.
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1. Never transfer money to a private person, only to a better Teitel escrow account
2. In the end, it is better for the property to be in the name of an LLC for a variety of reasons, but when you do not have an LLC (it is not a problem to open and it does not take much time) put the contract in your name but add and/or assignee so that you can transfer it to the name of the LLC if you open before closing. You can also transfer after you buy, but then it will cost you extra money to the title company
3. Don't work with hollers who take non-refundable em, probably if you haven't already made a deal there and you don't know your market and staff
Not worth closing at all costs, look for the equal deals.
A little more effort but will save you losses and grief in the future.
Successfully!
The main thing is to close
Thank you all for your help and advice. We are in the process of opening an account and are still debating whether to do it through LLC or private. In the meantime, as in life, there was an opportunity that did not wait for us to make a decision (-:
I would transfer money exclusively to the trust of the title company. Regarding an immediate transfer, you can ask someone for a favor and transfer the money to an account in Israel and he will make the transfer for you from his account abroad. I'm ready to help you with this if you don't want to miss the deal. And in the near future it is highly advisable to open your own bank account. Successfully!
Amit Golan
Fellow, caution.
Payment to Hulsler should not be made directly by you. It is supposed to be made by the Teitel company.
Legally working Holsler will work in two main ways:
1. Assignment of the contract to you
This means that he signs a single contract and authorizes you to be the buyer of the contract in exchange for the commission.
The commission is explicitly written in the purchase documents.
2. The other way is through closing with the owner (the one party owner is the current party another).
And then he makes a contract with you, when he is the seller.
There are also escorts, who take escort fees. But this is his mother Raklkarat after the deal and that can be added as a closing clause.
In any case, be careful not to transfer funds directly to Hulsler before closing the deal.
The money should be in trust until the Teitel company finishes the process.
We now have a case in Florida of someone who tried to trick him like that.
To know again not to pay a down payment until:
1. A contract was signed.
2. The Teitel company is involved and verifies that the seller is indeed the owner of the property and there are no foreclosures on the house.
You will need to make a transfer from the country in the first stage and at that moment send the transfer document called Swift which is an official international confirmation.
For a US account, it is important to open a US bank account to check that the transfer option is open. Many banks will want a physical presence in large amounts which is irrelevant.
I made purchases and transfers from Israel. In the US, an account only receives a lease and is not open for transfers other than checks
Weir from Israel is the fastest way, which is also what you do. Strongly recommend opening a US bank account to be more flexible in such cases.
If you have a bank account in the US just do wire for that business day, it's expensive but it's also the only way to transfer to a title company. Other transfers do not catch on (for a three business day report) and it takes them several days to reject them and then the money comes back.
In general, I never pay to professionals before the work is complete. In other words, we purchased the property / compound
Not talking about a contractor after the purchase of the property.
Thanks ?
It is advisable for the trustee to be held there until the clearing, which the Teitel will pay the Hollsiller for you
If you transfer today to an American or Internet bank tune or travel if possible… or to another trustee ..
There are those in the group