newbie questions

Hey Folks:

Been involved in real estate investing and I am licensed. Just enough info to be dangerous I suppose. I have been researching the assignment business and started a campaign to get the phone ringing a few times a week from property owners looking to sell.
I guess I got to far ahead of myself and have a deal brewing and I have 2 questions:

I have seen/read about a one page contract of sale; where would I find one?

How does the assignment actually work? I get property under agreement as john doe and/or assigns…find the end cash buyer, how do I get paid the assignment fee? Does the end buyer pay me for the contract today and then he closes?



Very first thing and you probable know about your states disclosure laws as a licensed real estate agent? Probable want to talk to your broker about what's required? Out here where I am, a licensed agent has to disclose to any buyer or seller "I am a licensed agent buying or selling this property as a private party"!

A contract is designed to protect the interests of both parties although a contract can be written to favor buyer or favor seller! If a single page contract covers everything you require then that’s OK, however I think you will find you need a few pages to capture everything to protect your interests!

There is a form (Contract) for assignment and you fill out this form, set the terms and conditions and then normally end buyer will accompany you into your escrow office where you introduce your end buyer to your escrow agent and then sign form in front of the escrow agent (Witness) and recieve a check made to you for some portion of your agreement under what ever your terms and conditions are!

In a strong market like Las Vegas 7 years ago I was getting 100 percent of payment at time of assignment, in a soft market you might get your earnest money returned to you (What you opened escrow with) plus some portion of the money your charging with balance paid at close of escrow! You can make this payment non refundable, and everything is potentially negotiable!


Thanks Gold River! I disclose, disclose, disclose everything, I realize the downside to having a license in this aspect of the business and have a met a few people that have escrow-ed the license in order to continue…I hope to cross that road someday.

I like the advice about bringing end buyer to escrow office to endorse the contract. Very transparent…really appreciate your input.