Hello, my question is this. I am assigning a property that closes in three weeks. My buyer will get his own title search on the property.
Any thoughts on how is best to structure the assignment?
The way it is tentatively set up is…
Buyer gives me $100 deposit, then the balance of the fee when the title clears (about 2 weeks). At that time, he deposits the balance check with my “seller’s” attorney (a guy I’ve never even spoken with). I have to clear that with the seller’s attorney. When he’s paid the entire sum, I’ll execute the assignment contract. Only if the title is unmarketable he will receive all money back.
Any other thoughts?
Thanks,
Sounds messy to me, too many lawyers. I do my own closings and my title searches take 5 days.
Try posting this over in the “Beginners” Section, there seems to be more knowledgable traffic over there.