Ok this is my second post and I really need some help bad. I have a signed purchase agreement for a home for 430k. the home is worth 500k. I found a buyer to pay the full appraised value, 500k. my question is how do i collect my assignment fee? this is in california. I am really stuck here and i am so close to making a lot of money on this one. Anyone that has experience assigning in california please help. thanks
I can’t speak for California but here in VA after your buyer has examined the original contract and agreed to the terms you’d have your buyer sign an assignment agreement in the amount of your fee, collect a non refundable deposit (or the entire fee) and send both the agreement and your original contract to your title company. Then you’d wait until closing and pick up your check if applicable.
I don’t work with properties in the same price range as you but it in my market at least 1/2 of the assignment fee up front in cash or certified funds should indicate the buyers intention to close. But I’ve heard that in high dollar markets it is not uncommon to make sure the entire assignment fee be put in escrow with the instructions to release the funds to you at closing or on the first scheduled date of closing whichever is first. You want to make sure the seller actually makes it to the closing table in order to keep your fee.
I hope this helps.
What do you mean first scheduled date of closing?