Add Nominee Agreement Byline with airSlate SignNow

Signed nominee agreement

hey everybody its mark styles of styles law down here at Studio B with yet another question from one of our viewers actually this question came during a class I was teaching about the purchase and sale agreement and the question was what is the difference between a nominee and an assignee so what am I talking about when a buyer buys a property oftentimes that buyer will say I mark styles for my nominee will be the buyer so if you seller accept that then what that means as nominee I can purchase that property in another name nominee another name so maybe it's my estate planning revocable trust maybe it's a real estate investment trust maybe it's an LLC or other type of corporation but it's me mark styles the buyer who's controlling that entity so in name only would I be changing the ownership of that so in that scenario mark styles is offering to purchase the property from you but he may move that into another vehicle right very different than assignee assignee right what that says is mark styles is offering to purchase your home or assign that to somebody the right to purchase your home so knowing that when you as seller accept my offer know that I may not be the person at the closing what what does that mean so I mark styles or my assignee right so that means I have the ability to take that piece of paper for example I'm offering to purchase your property for $500,000 okay that's a good deal you seller appreciate that and say you know what we had it listed for 519 500 that works for me I don't really care who comes to the closing with five hundred thousand dollars as long as somebody comes to the closing with five hundred thousand dollars so I take that piece of paper and I call up all my friends hey I've got a great deal I've got a great deal I can I can sell it to you for five hundred and fifty thousand dollars what so how does that work well I take the purchase and sale agreement and I assign all of my rights to somebody else so that person now goes to the closing and pays the original seller five hundred thousand dollars and then I as the assign or get fifty thousand dollars do we get it so it's very different so what do we need to be thinking about if you're a seller and you're looking to sell your home and somebody says they're buying it or their nominee just understand that they're going to be the controlling person they're not asking and you're not agreeing to allow them to assign it however very different if you're a seller and you receive an offer that says so-and-so wants to buy your property or their assignee understand that they may come with somebody else buying the property and if you're okay with that purchase amount then who really cares what happens after that right so as a buyer however if you are looking to assign the property and not just put it in some other name then you have to use that critical language so that the seller agrees to the fact that you might take that piece of paper that offer that agreement and assign it to someone else does that make sense I hope it does if you're looking to do something with your estate planning and you want to buy it as a nominee you really need to put or my nominee as well okay otherwise you could be forced in certain circumstances to close in your name which is not what you want to do in that scenario I hope it all makes sense folks please share this with everyone and anyone and subscribe to our youtube channel which is located at stiles law take care and be well you