Assignable Contracts Transferrable Contracts
I've just purchased a pre-construction property with an assignable contract. When I sell it, (for 15k more than I agreed to pay) does the buyer pay me then I pay the builder? Or does the buyer pay the builder and then I get my share?
If your scenario were in PA, one way of doing it would be for you and your buyer to sign an assignment agreement, buyer closes with seller (builder), closing statement (HUD-1) shows an assignment fee to you for whatever your share is. You don't take title. Title goes from builder to your buyer.
If you are assigning your contract then the buyer pays the builder and he pays you. The question is when he pays you. I prefer to get paid at the time of assignment but usually you get paid at the closing.