Would a Non-Competition Clause Stop Someone from Using My Info, to Buy a Property?

[GLLDave]

I wish to prevent someone from circumventing me to buy an off-market property that I informed them of, and provided them with non-public info about.
An NDA just stops them from sharing the info, however, they could still use it for their personal advantage. (I.E., go and approach the owner behind my back to buy the property.) Thus, I included this "Non-Competition" paragraph you can read below, although it's basic, would that essentially cover this issue?


3. Obligation of Non-Competition
The non-competition provisions of this Agreement are Confidant agrees it shall not use any advantages derivable from such confidential information in its own business or affairs.

 

[quincy]

I wish to prevent someone from circumventing me to buy an off-market property that I informed them of, and provided them with non-public info about.
An NDA just stops them from sharing the info, however, they could still use it for their personal advantage. (I.E., go and approach the owner behind my back to buy the property.) Thus, I included this "Non-Competition" paragraph you can read below, although it's basic, would that essentially cover this issue?


3. Obligation of Non-Competition
The non-competition provisions of this Agreement are Confidant agrees it shall not use any advantages derivable from such confidential information in its own but siness or affairs.

Have you already shared information about the property? If not, why do you want to share information about the property?

Drafting contracts and analyzing contracts fall outside the scope of this forum. The NDA you have written, however, needs revising. You might want to find a professional in your area who can help draft one that meets your needs.

 

[GLLDave]

Have you already shared information about the property? If not, why do you want to share information about the property?

Drafting contracts and analyzing contracts fall outside the scope of this forum. The NDA you have written, however, needs revising. You might want to find a professional in your area who can help draft one that meets your needs.

It has not yet been shared. The confidant would be offering a finders fee or partnership to have a stake in the property, in return.

That paragraph I included is only one part of a much longer NDA.

Okay, will have to consult with an attorney then.

 

[adjusterjack]

There isn't a contract on Earth that actually STOPS anybody from doing wrong. All a contract does is give you a remedy after the wrong has been done.

If you find a hot property that you want to buy, keep it to yourself.

If you are dependent on somebody else's money to buy the property then good luck getting them to sign something protecting you from them.

 

[GLLDave]

There isn't a contract on Earth that actually STOPS anybody from doing wrong. All a contract does is give you a remedy after the wrong has been done.

If you find a hot property that you want to buy, keep it to yourself.

If you are dependent on somebody else's money to buy the property then good luck getting them to sign something protecting you from them.

Correct, just for remedy purposes. I am dependent on the investor.
I have had no problem to date with investors e-signing it through docusign. However, being I drafted it myself through research I did, I wanted to confirm it would cover remedy in case of a breach.

 

[quincy]

Correct, just for remedy purposes. I am dependent on the investor.
I have had no problem to date with investors e-signing it through docusign. However, being I drafted it myself through research I did, I wanted to confirm it would cover remedy in case of a breach.

A properly drafted and signed nondisclosure agreement will allow you to file suit against the person who or entity that discloses secrets in violation of the terms. You, however, are also charged with the duty of protecting the secret from the public.

There are sample nondisclosure agreements that you can locate to read online to get a better idea of all that needs to be included in your NDA to best protect you and your interests. While reviewing samples online can be helpful, you will need to draft your own to meet your specific concerns.

Good luck.

 

[adjusterjack]

Correct, just for remedy purposes. I am dependent on the investor.
I have had no problem to date with investors e-signing it through docusign. However, being I drafted it myself through research I did, I wanted to confirm it would cover remedy in case of a breach.

If you want a remedy against your investor going in behind you and buying the property without you, you will need something other than an NDA.

I suggest you engage an attorney to write up a partnership agreement outlining the rights and obligations of the two of you.