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Author Topic: When do you collect your assignment fee?  (Read 1178 times)

Offline DArrian

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When do you collect your assignment fee?
« on: June 15, 2007, 12:46:31 am »
Greeting fellow investors,

I would like to know at what stage of the wholesaling process would one usually expect to receive money for assigning a contract.  After closing? At/ during closing? Before closing? Do any of you ever receive a "good faith deposit" before the title check? Of course, I'd prefer to receive my money for assigning a contract as soon as the contract is signed and not have to show up at the closing. And then there's always the possibility of the buyer/investor not paying at all. Looking for some insight. Thanks.

Offline fadi

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Re: When do you collect your assignment fee?
« Reply #1 on: June 15, 2007, 07:05:37 am »
You receive a non-refundable earnest money when you assign the contract, and part of your assignment process is to state in writing that you are selling the contract for X dollars to the new buyer. You collect your assignment fee at closing, title company will write you a check. If the closing does not take place, then you do not get the rest of your money.
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