Assigning a contract

I have a question about assigning a contract. Here’s the deal: I found a multiplex for sale at $190k. I’m ssking $210k for it from my buyer. I can get it at this price from the seller.

  1. If I want to assign the contract to my buyer, am I signing two separate contracts – one with the seller and one with the buyer?
  2. What happened during the due diligence process (appraisal, inspections, etc)? Am I the middleman from start to finish or do I just tell my seller and buyer to contact each other and I just show up at closing?
  3. Should I do a double closing because of the profit? I don’t want the buyer to know how much I will be profiting.

Thanks
V

I have a copy of an Assignment Agreement on my website at http://ga-invest.com/investors.html at the bottom of the page.

This can be used when you don’t want the Seller to know about the amount of money that you are making as a “Wholesaler”.

However, be aware that some Attorneys may argue that the Seller should be part of this Agreement with full disclosure. In my opinion, a big profit for the Wholesaler may be a deal breaker with the Seller.

As always, you should consult with an Attorney anytime that you are going to use a contract to conduct your business.

Happy Investing!
-Larry