Whats Next.....?????
Okay this is the deal, I have a property under contract for 73k. It needs about 35k in repairs and a house exactly like it sold for $149900 on 4/16/04. I haven't done anything to the property. I have an investor that is willing to purchase the contract from me for 80k. We are meeting tomorrow at 3pm to discuss whether or not he wants the house. My question is where can I get an assignment of contract form, do I need to have an attorney or notary present when the contract is signed. Who do I give the contract too after it is signed? How do I follow up to make sure my fee is on the settlement statement? What else am I overlooking?
Any help would be greatly appreciated....
neutral
1st deal
anybody?????????
You can get an assignment contract from this site, I think it costs $5 or something like that. I don't know what the regulations are in your state, but there I wouldn't think that there is a need to have a notary present when signing a contract, I never had one. Your fee will be diclosed on the HUD 1settlement form, which you can purchase on this site as well. Make a copy for yourself and your buyer. If your unsure about anything reguarding your agreement consult with your settlement atty or title company before signing.
Hope this helps
thanks..
i figured i will just get an attorney to handle the deal from here.. that seems to be the best way to do it.
neutral
attourneys cost money. Do alot of research and see what you can find out.
These forms are fairly straight forward:
ASSIGNMENT OF CONTRACT
In consideration of five hundred ($500) dollars, the receipt of which is hereby acknowledged, Party ABC, Inc., assignor, the buyer under a contract dated, May 29, 2003 by and between assignor and Homeseller, Your County, Iowa, hereby transfers over all right and interest in said contract to Buyer ABC, Inc., 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.
Signed, dated, and possibly notorized.[ Edited by myfrogger on Date 05/15/2004 ]