1st Assignment Deal Need Advice!
I bought a nice brick house from a RE agent for $80K. The mother died and daughter just wants out. It's worth $110-120K as is. I want to know step by step how I would go about doing an assignment of contract.
thanks
I bought it through an agent not from an agent.
First, did you add the words "and or assigns" behind your name on the sales contract? If you did, simply draw up an "assignment of purchase and sale agreement" This agreement will state the price you are buying for, the price you are selling it for and the difference in the two figures should be listed as an assignment fee or finders fee. If you did not include "and or assigns", you we need to do a double closing. Close with seller, have seller then go wait in the lobby, then close with investor or end buyer. Now, the attorney can disburse funds and everyone walks away happy.
Hope this helps,
R. Wilson
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