Ok the seller of a property gives me “control” via an option agreement to market his property to an end buyer for whatever i price i want. So on the option agreement it would say “Optionee has the option to purchase this property at $10,000”
So when i find the end buyer that im selling the property too for lets say $20,000 what do i do? Do i just make him fill out a Purchase Contract or do i just introduce him to the original seller that i have the option with and they go to closing???
assign your Option to Purchase agreement to the end buyer for your assignment fee, and be on your merry way, or;
exercise your option to purchase and write up a Purchase and Sale contract, then assign it to the end buyer.
I oversimplified things. If the buyer won’t give you your total assignment fee up front, you’ll have to do step 2 and collect a smaller non-refundable deposit. Then, you would take the Purchase and Sale contract and the assignment of contract and givve them to a settlement attorney to start the closing proceedings. At closing, you’ll collect the remainder of your assignment fee.
So if i choose #2 to "exercise my option to purchase and write up a purchase and sale contract, then asssign it to the end buyer " what are the steps involved to do this?