I am doing my first deal. I managed to get an offer accepted & `I’m clueless as to how to complete the purchase agreement. I also do not know how to complete the form to assign to another buyer.
(The house belong to my Brother and I’m helping him get out of a jam. He wants to sell and have nothing to do with the property again).
When I fill out the purchase agreement do I include my assignment fee in with the amount that I’m buying the property for. What about the assingment form do i put in the for sale amount including my assignment fee or just my assignment fee? I hope that I’m explaining this clearly. Could someone who has purchase agreements and assignment of real estate contracts go over it with me. Any
Reply is appreciated. Thank You
Not to say that your brother would try to intentionally put you in a bad spot, but I would like to know the numbers on your DEAL to where you will be ‘helping you brother out of a jam’ and it still be a good deal when he is willing to just sell and have nothing to do with the property again. Just curious.
Also the name of the purchaser will be or assigns… and you get your option fee when you assign that signed and agreed sales contract over to the REAL buyer.
Below is the part on the Assignment Form that I’m confused about.
Assignor now desires to assign its interest in the Contract to Assignee, which Assignee desires to acquire
NOW, THEREFORE, for the sum of $_______, to be paid by the Assignee to the Assignor and in consideration of the mutual agreements of the parties, it is agreed.
This is the portion that I’m having a problem with everything else is common sense. I need to know if I was to buy a property for $87,000 (as the offer accepted by the Seller) and my assignment fee is $6,000 ( House is worth $118,000 ARV) What do I write on the Line above? Do I write $93,000 or $6,000.
Also, on the purchase agreement where it says:
PRICE: Buyer will pay the total purchase price of $__________ for the property.
[
[[color=Red]color=LimeGreen]/[color=Black]color]Do I write $87,000 ( the offer accepted by seller)
or do I write $93,000 ( which include my assignment fee).[/color][/color]
I think this is the best way that I can explain my problem. Those of you who have assignment contracts and purchase agreements can better answer my questions.
You answers are appreciated. Thanks again
The purchase contract is one agreement where the price of it is $87,000.
The other agreement is for your assignment fee where the amount will be the $6,000 that the investor you find willing to pay 87k for the 118k house purchases his right to use the 87k sales agreement as your assignee.
See… if ya give all the right info even a newbie like me can help.
Thank You soooo much for helping me with something that seems so simple once I look at it. I will tell you guys how the deal turns out once it’s finished.