Sample Contract For Deed

An officer will take part in an auction to buy a property in my name.

The agent told me he needs me to transfer funds to his escrow account before the auction begins, so he can pay the seller at the end if he wins (he will not pass me by an escrow company because he says that after winning the auction, he must immediately pay the seller).

Can anyone tell me a site where I can find a sample contract that basically states that the agent can use the money to buy property and take care of transferring the deed to me (with a fee 5%). However in the case, he does not win the auction, he must repay the money in my account within say a week.

Thank you.

I am a former apprentice auctioneer and I've never heard of such a thing that requires a buyer of real property to be paid immediately at the end of the auction. In all cases of an auction of real estate that I have never been outside or never saw the successful bidder was solely responsible for paying a percentage of minorities, generally 10% and then 30 days to settle up.

In auctions, I attended the officer was only given a limited power of attorney to act as a proxy on behalf of buyers and provides access to funds on the day of the auction to secure the payment to down. Your lawyer can write a limited proxy at a minimal cost.

In auctions that I attended, the auctioneer proposes cooperation realtor 3% of the premium of 10% of buyers (which was 10% of the highest bid turned to determine the price final sale). The auctioneer will probably have a similar offer which will be screened before the auction and details available in the auction. Of course, if it is part of a foreclosure auction, this paragraph is moot.

Unless you know of this agent, so you may want to rethink your strategy.

I am betting the law in your state, said receiver having an acct is fine and the auction house needs
only a proof of funds and as long as the auctioneer gets his money the same day or the next day .....
I'm sure it will work ...............

check it out.

RED FLAGS all over with this .............
1. Since when does an officer to ask a buyer to write a contract.
2. A commitment of trust accounts are there as a third party.
3. A commission of 5% is too much for anyone to pay in this situation.

Please do not write a contract and return to this agent. It may take your money and run away and never go to auction. The agent needs a single repository and has some time to pay if he wins the auction. All auctioneers know that money can be held in an escrow account so it should not be a problem.

If he does not win the auction, but takes off with your money and does not return the only thing is that you will incur legal fees and court costs that could have been avoided in the first place.