i have a property under an option contract for 30 days at 79,000. i already have an investor that wants to buy for 87,000. do i need to write up an actual purchase agreement when exercising the option or can i just assign the option contract to my investor? also, do you normally get the money upfront when assigning a contract or do you get that at closing? do i need to submit a memo of purchase at the courthouse? please advise
You can assign/sell your option. You get the money at closing. Do an addendum to the option agreement selling/assigning that option to your investor. Title company will collect the funds from investor, give seller his 79, subtract whatever fees, and give you the rest.
Congrats on your first deal!