I'd have to think there would be something in the addenda the entity offering the property for sale would require that stipulates everything's contingent upon their successfully acquiring the property.
All in all, unless it was the last home on the market, I'd steer clear of it.
My point was that you can not sell a contract to purchase; it is non-transferable. They can cancel escrow, and then the new person can make a new offer... at the same time, the seller could make it available to the public to offer again.
What is not legal is to offer services of real estate, with out a license: "If you need help selling your Contract, call me. " Are you an attorney? or licensed agent?
Watch the youtube videos; it's laying flat on anything, between two things, in public places... it's very stupid, and it's illegal. I was just making a joke... laughing is healthy.
Flipping, Double Close, and Double Escrows, laws differ from state to state, and many have laws regulations making these things illegal. In Nevada, you have to wait at least 24 hours to have a 2nd close on a property, and Double Escrows are illegal.
Oh, BTW "Nevada Revised Statutes (NRS) are laws that are enacted by the legislature."
Also, "Nevada Administrative Code (NAC) are the regulations that outline how laws are administered."
States like Florida, New York, and California have a variety of laws that prohibit or limit "flipping". In Nevada, though it's not law, many banks will require you to sign a 90 day or 6 month no resale addendum, with the purchase of an REO.
What does acting as a principle have to do with being an agent?
"The agreeing party must agree to do business with the new party." Of course, but if they do agree, then what law was broken? Are you saying its against the law for 2 people to agree?You should really read up on Trusts, LLC's, Double Closings. "planking" - on wiki - A fad where people lay face down in the grass? What are you talking about.Against regulation to list in the MLS. Thats an MLS regulation. Not a law.
You are doing your clients a dis-service by talking this way. My question was "Are there any investor friendly agents in SF?" Sadly, many seem terribly misinformed....at best.
Google: double close
You're absolutely right, don't take legal advise from anyone, other than an attorney... not everyone is privileged enough to always have an attorney on staff, such as yourself.
Allan typed flopping instead of flipping, and I made fun with it... Flopping is associated with Planking, which is something really stupid that recently became illegal. Just for you: http://lmgtfy.com/?q=planking
And Erik, No, you can't sell your contract. The contract is between two specified people, and the agreeing party MUST agree to do business with the new party. Plus, this post isn't actually about selling a property before you own it, it's about LISTING a property for sale before you own it, while you're in contract. You can not sell a property before you own it, in many states, like Nevada, it's against regulation to list it in the MLS.
Erik, you should be nicer to people on Trulia; I see you putting down real estate professionals in a lot of your answers, and it's not the way to go. Find somewhere else to take out your anger.
If you need help selling your Contract, call me.
I have an excellent attorney.
This would be a question better suited for an attorney.
I know in Nevada the same property can not be listed twice in the MLS. They definitely can not actually sell it until the title is in their name; they may likely be able to get offers, but not open escrow.
They can definitely attempt to resell it for however much they wish; some loan types would restrict buyers under certain provisions. This is also something that varies from state to state.
If they do have it listed, they should have some note that says something like "contingent upon current transfer of title".