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I am a Real Estate Broker and I have a buyer wanting to arrange a double close. Is this legal-AZ?

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Arizona- The buyer is wanting to use me to find the property and arrange a double close with another investor. I have never done this, so I am not aware of the laws. I remember something in Broker school that says, I cannot do a double close if I'm the agent arranging it, but I'm not, my buyer is. In the morning, I'll call my Local Association Legal hotline but for now, any advice?

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April 27 - Mesa

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Julie Messina, "CNN Mortgage"
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Julie Messina, "CNN Mortgage"

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The reason lenders have trouble with these types of "double escrow" transactions is that in the past it has been connected with inflated property values and straw buyers. I doubt you will be able to get financing under A-Paper agency terms.

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June 14

James Stephens, "jimmystephens"
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James Stephens, "jimmystephens"

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Doing a double close is perfectly legal, and very easy if you can find an good title company. If the transaction is "cash" to "cash" you are doing somthing that is very legit.

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May 24

Roberto Ribas, "azrob"
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Roberto Ribas, "azrob"

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so to get this straight: your buyer has a contract to buy, he has found another buyer for the property?

1. is his original purchase contract assignable? you will have to read the fine print to see if it is.
2. Is your buyer buying with cash? a hard money loan?

the devil will be in the details on this, per se it isn't illegal to immediately sell something you just bought...

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jal74
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I'm just curious, but is risking your license and reputation worth the fact that you are trying to save a few hundred dollars and not seek qualified legal advice.

Because that is exactly what you are doing. I hope you realize that what you put here is reflective of that fact. I would never wish to do business with someone who is that cheap that they would subject themselves to such liability exposure simply to avoid paying a few hundred dollars in legal fees to seek out QUALIFIED advice.

Regards

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May 24

Andre-Paul Maddox, "Mortgage Store USA"
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Andre-Paul Maddox, "Mortgage Store USA"

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If this is a cash purchase . . . you should have any issues. You'll run into issues when the is a loan attached to it. The complication is the Title and a Inflation of Value; the biggest one of all is it treads closely to someone making a real estate transaction and not being licensed and utilizing you as a go between to "stay" within guidelines. It's not worth jeapordizing your license.

The first investor wants to make the money without taking Title to avoid paying taxes, but make the money.

Bottomline, when we become Brokers, we have no protection like we did when we were agents . . . the liability is tooooo high! Don't risk the potenial fraud issue.

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May 24

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I am a Real Estate Broker and I have a buyer wanting to arrange a double close. Is this legal-AZ?

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Question I am a Real Estate Broker and I have a buyer wanting to arrange a double close. Is this legal-AZ?

Question How do I find out who is selling the home to make an offer on it?

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