What Or How Do We Report Assignment Fees On HUD-!
I have a townhouse that I can put under contract using my name and or "Nominee" as the buyer from the agent and I want to assign it for $5k. What, when do you get the money and where does the assignment fee go on the HUD-!. Can I request 1/2 now and the remainider at closing? This is my 1st assignment deal and do not want to go to jail on the 1st or last deal? lol THANKS
Yes, the assignment should not show on the HUD-1. The title company will not like any assignments. You should record a memorandum of contract or some such with the recorder of deeds to ensure noone else steals your deal. Then, ask the buyer(investor) to pay you at the closing or before that. And remove the memorandum so the buyer can close.