How do I word it in the contract to the seller/buyer that they will be responsible for the closing costs? This way I will not have to come out of pocket at closing. Please advise!
if you’re seller is broke and has no equity, he is not paying for any closing costs. I never put any closing costs on the seller, I just calculate it to be part of my offer as a cost for me.
If you are wholesaling, your buyer is the person who is closing since he is assigned the contract.
Thanks for the input! So my endbuyer will pay the closing.
Whenever you assign the contract you are off the hook, you have “Assigned” all duties, responsibilities, and time lines over to the assignee. You do not need to worry about closing costs. However if you can negotiate lower closing costs with the seller you may be able to put more money in your pocket when assigning the contract because you may have more built in value
Generally I play it by ear but the default on my contracts includes me paying closing costs.
It simply is negotiated into your offer.
You pass them along to your buyer and they pay them at closing.