Assignment Contract And Closing Questions!
Can someone please answer and expalin to me how the whole process works form the assignment contract to closing. Here are my 7 questions:
1. Is there 2 assignment contracts you have to use before you go to closing-- An Assignment agreement and assignment contract?
2. Does the assignment agreement go to the title company before closing or what?
3. When the title company prepares the closing papers, is it based upon the info you give to them from the assignment agreement or the actual assignment contract?
4.. When do you actually sign the assignment contract--is it at closing?
5.. When you accept the down payment for your assignment fee--how much should you ask for-- and what form of payment do you accept for it --cash,casheirs check ,personal check, or what.
6. At closing, once you sign the assignment contract and get your assignment fee, do you have to wait around for the rest of the closing.
7. Is there any other paperwork you have to sign at closing once you have completed the assignment contract?
Thanks for your response.
Would you provide a copy of the Assignment aggreement you use to collect your fee at closing? I need one to use with the closing of four properties.
is the contract for purchase between the wholesaler and the seller or the investor and the seller with an assingment?
do i as the wholesaler have to put down earnest deposit? if so how do i get it back?
i have a realtor who kicks me tons of deals and i need to know how to handle a wholesale deal with her involved. i have been taking title and reselling to rehabbers and need to know how to make this work.
any help would be appreciated...
What about a quit claim deed? Will that work like the land trust?
Good Info
I was selling a property, and a buyer wanted to give me a contract with an assignment clause. (Perfectly normal) but at closing he wants to change the purchase price to the amount he agreed with his buyers (assignee). In the HUD it shows the new purchase price (not agreed by me) it was negotiated between the assignor and assignee, and on the sellers side (my side of the hud) there is a fee for the difference between my original purchase price and the assign purchase price.
My questions are:
1) Is this the only way to do an assignment?
2) Can I just keep my initial contract price on the HUD and put the assignment fee on the buyer’s side instead (would the lender like that) and if yes how much is a cap for that kind of fee (this fee was High in my case)
3) If I go through the transaction the way they wanted do I expose myself to higher tax liability because the selling price is higher? Or do I have any way to prove that the fees even thought I sold for higher price it was not part of my income?
4) If this deal is not 100% kosher do I look like I agree to a higher purchase price to increase the assignor position in the deal?
5) Is there any other way to sell a property with an assignment contract and not modify the sellers purchase price on the HUD….
Please I will appreciate any comments or suggestions.
I dont have the money to go full access or I would have search the forums and articles.
Im really frustrated here. I have a few lookers but no talkers.