Contract Between Seller Holding Legal Title and Third Person
A Contract between a Seller and a Third person
A deal or agreement is always between two parties which in the case of real estate are seller and buyer. However, the buyer may not be necessarily the end user. It can be a third party as well and the deal can be about selling the property not permanently but only for a certain amount of time. This sounds confusing, right?
Well, the concept is very simple. The legal owner of the property does not sell the entire rights of the property to a buyer or third party. He simply leases out his property to the third party for profit-making for certain duration of time. Also the owner will be sharing an amount of the profit made with the third party.
Since contract is very important part of an agreement a contract between seller holding legal title and third person should be created and signed by both the parties. This will give an assurance to the legal owner that the third party which is part of the contract would not rob him off his property by any means and will pay him the right amount of money at the right time. For the third party, this contract will be an assurance that the legal owner will give him or her, the share of the profit made through his property for the predefined duration of time. Everything about money, profit and duration should be clearly written in the contract in order to avoid any kind of confusion.
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