Can someone tell me if I’m suppose to draw up two separate contracts when doing a simultaneous closing, so that my buyer can’t see what I’m offering to the seller for the property? I’m trying to wholesale to an investor. I would really appreciate the help. Thanks!
If you are doing two closings, you should have two contracts. The title company will derive their closing instructions by the terms set forth in the contracts.
Keith
Even if you are doing an assign to contract from the seller?
Also, does anyone have an example of an actual assign to contract or literature on how to properly do one? I’m in Atlanta, GA Thanks!
So, REALLY, are you assigning the contract (one closing where you might not even be present) or are you doing a simultaneous closing?
Read the first paragraph:
http://www.investorwealth.com/troy-fullwood/abcs-of-simultaneous-closings.htm
Keith
On an assignment, the buyer will see what you are making on the deal. You will fill out a separate assignment of contract with the buyer that will spell out the original contract price and the assignment fee. On a double close, two separate contracts are filled out. One between you and the seller, and one between you and the buyer. The seller won’t know what you bought the property for and will therefore not know what you are making.