Got The Property Under Contract, Now How Do I Assign?
I found a piece of property and have it under contract. I want to flip immediately. I have the MAY BE ASSIGNED clause in the contract checked off. I am buying for $30K, but based on comps, I should be able to get $45-50K. How do I assign? how do I get my money out of it? thank you.
If I am you're buyer, you and I met at the local pub, I give 5K in consideration, and you assign the contract to me.
Then I close escrow w/ the original seller.
thank you, so that is how it is done, it is not done via the title company? i thought that say I find someone to buy for $40K, then title company at closing gives me a check for $10,000 and seller his $30,000 no? i like the consideration thing better though.
Does the seller find out?? closing is a mail away.
No that is double closing. You use double close only if you found a property with a lot of eqity and you dont want your buyer to count how much you are going to make on this property.Use only if you have to. But assignment is the way to go.
I am supposed to send $500 down payment to the escrow company handling my purchase of the property. I still do not have anyone to assign the contract to, so should I just go ahead and proceed with the sale and then if by chance I do get an assignee, what happens to the $500 at the title company? thanks
In consideration of five hundred ($500) dollars, the receipt of which is hereby acknowledged, PARTY A, assignor, the buyer under a contract dated, May 29, 2003 by and between assignor and SAMMY SELLER, YOUR COUNTY, YOUR STATE, hereby transfers over all right and interest in said contract to PARTY B, assignee.
Assignee hereby agrees to perform all covenants, conditions, and obligations of Assignor under the terms of said contract and further agrees to indemnify and hold harmless Assignor from any deficiencies or defects in the legality and/or the enforceability of the terms of said contract.