Hello Everyone. So glad I found this site. I’ve read a lot on Wholesaling and Assigning, but theres a part I’m not too clear on.
Example: I get home under contract with a seller for $100k. I in turn find a buyer that will pay $105.
When I fill out the Assignment Contract does the current owner have to be there? And does he have to sign it too? Or is it only signed by me and my buyer?
Can I just have the Assignment Notarized by me and the seller?
What do I do with the Assignment Contract after it is signed? Do I just give it to my buyer after he gives me my Assignment Fee? (is it the same when assigning a P&S Agreement as when assigning a L/O?)
Do I have to tell the current owner I am Assigning the contract or does he find out when he closes with my buyer?
Look forward to your response as I truly would like to get started.
When I fill out the Assignment Contract does the current owner have to be there? And does he have to sign it too? Or is it only signed by me and my buyer?
Depends upon whether or not the agreement between you and the homeowner stipulates that you can assign the deal as you please, or if you need his written permission.
Can I just have the Assignment Notarized by me and the seller?
You can have the Assignment Agreement notarized, but it isn't required.
What do I do with the Assignment Contract after it is signed? Do I just give it to my buyer after he gives me my Assignment Fee? (is it the same when assigning a P&S Agreement as when assigning a L/O?)
Give all parties in the deal a copy. Collect your money and move on to do it again.
Do I have to tell the current owner I am Assigning the contract or does he find out when he closes with my buyer?
You should tell him as a matter of principal. But see my answer above as to your obligation with regards to assigning the deal.
Well you could do it that way but I’ve always found that way to be a little more dificult. Some times the buyer find it hard to trust people they don’t know, so giving you 5K for the assignment fee ca be out of the question.
It is so much easier to simply get the property under contract with the seller first, then turn around and get a P&S agreement signed with your buyer. Take both pieces of paper to the attorney, or title company, and they take over from there.
