Good evening, i am about to close on my first lease option assignment deal. I have found a buyer for a house. I have some forms i bought from gurus. I am wondering if i can have the tenant buyer and seller sign the paperworks on the kitchen table. Or do i need to pay a lawyer to close the deal for me?
I heard that a check made out to me for the assignment fee may cause the buyer some trouble in getting a mortgage later on. Is that true? How do you get around that problem?
Congrats on the first deal Dave!!
No, you don’t need an attorney to “close” the deal, as you are just assigning your deal, not transferring title etc.
I do all my closings on the kitchen counter, as the house is usually vacant and there is no table.
The only time I’ve ever had an issue with the assignment fee at the time of purchase, is if someone used a novice loan officer that didn’t know what was going on.
Thats why I always refer our clients to our loan person.
I can’t make them use her per RESPA, but it makes life easier when they do.