Outline Of The Secondary Market Annuity Purchase Process
It is important to understand the acquisition process so there are no surprises when it comes time to perform on a contract for a secondary market annuity. It’s not complicated, but will be a new experience for most people so it’s important to explain the process of buying a secondary market annuity. Of course, we are always available when questions arise.
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Please familiarize yourself with the process and keep us informed about your investment parameters so a deal can be quickly secured when it comes available. it’s important to understand that these secondary opportunities move VERY quickly- windows of opportunity can be just a few hours before an available contract is taken up or purchased. We must know just what you are looking for so we can work effectively for you.
Here’s how a secondary market annuity transaction works…
1.) When a desirable deal comes available we can immediately reserve it for you over the phone. You will need to also fill in and return the Offer Reservation form with your full legal name, address and joint owner or beneficiary information so an investor agreement can be drafted.
2.) The investor agreement will need to be signed and returned to fully secure the contract. This is meant to legally identify you as the purchaser in accordance with all federal anti-money laundering regulations.
3.) An initial deposit of $5000 is required with the investor agreement, and will be paid into the Trust account of the attorney assigned to this case. You will have 48 hours to back out of the purchase with no penalty. Throughout the process, legal fees accrue and the deposit is meant to cover those costs if you fail to perform according to the investor agreement. In some cases, the deal cannot be completed for reasons out of your control. If this happens, the full deposit will be refunded to you.
4.) Once reserved and under purchase agreement, the legal team will review the contract in full to verify the terms and will conduct a lien search on the seller to make sure no one else can make a claim against the contract. If the contract cannot be secured for any reason uncovered during the legal review, your deposit will be refunded in full.
5.) Once contract terms have been verified and the lien search has been cleared, a court date will be set for a judge to approve the purchase. Full funding is required 15 days prior to the scheduled court date and will be held in the attorney’s client trust account in your name. Your initial deposit will be deducted from the purchase price to reflect the final amount due. If for any reason the case does not receive judicial approval, you will receive a full refund of deposit and final funding amount.
6.) Upon court approval, the legal team will conduct a final review to verify all representations and assignments of the contract, and all documents relevant to the case. This can take 10 to 30 days after the court hearing for all documents to be assembled and reviewed. Once review is complete, the attorney will release funds from escrow to fund the purchase.
7.) At this point the case is considered closed and you will receive the Investor Closing Book containing all legal documents pertaining to the contract and its legal assignment to you.
That’s how the process works in its entirety. Basically you need to sign the investor agreement and provide funding when required and the attorneys take care of the rest. It is important to note that there are no hidden charges or fees and your only monetary obligation is specifically stated as the purchase price on the investor agreement.
Upon request you will be sent a Buyer’s Guide that details this process in simple but explicit terms. Please contact me if you’d like to see it or to search for available deals that may be beneficial to you.
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