Can anyone tell me about what the closing process when wholesaling a property? After you get a property under contract, who does the title search on the property: you or the potential buyer? If you do the search, why would a potential buyer sign an assignable contract with you for a property that they dont know has a clear title? Who has to be at closing? What at closing the seller has an issue with your assignment fee that the buyer is paying you?
depends on how you do it.
when using either an option or assignment you have to be in total control of everything. meaning using your closing attorney, title company, appraiser, etc.
your closing attorney should order the title work once you have a buyer that has signed the contract. the cost comes out of the sales proceeds. clearing title is part of the stipulations that you would put into the agreement with seller and buyer.
the seller, buyer and you should be at closing with attorney
as for the seller or buyer having sticker shock on your assignment fee, that’s why you do a double close.
if doing an option for the wholesale, you and seller agree to your fee range prior to you bringing th buyer to the table. as long as you don’t get too greedy, you should be fine