I have an Option contract with a seller to buy her property at a certain price. I now have a buyer who wants to buy it at a higher price. I will not be getting a new loan. I will be assigning my contract to the new buyer and collect the differnece.
Does anyone know whose name goes on the Real Estate Sales and Purchase agreement when I am selling it to a new buyer? Do I put my name as seller or the original sellers name?
Hey,
I had a contract last year that was the same. I wrote a contract contract with the seller and at closing I spoke with the closing attorney to ensure that I was a line Item payment for the transaction. I picked up my check within 1 hour of closing and the whole thing went very smooth.
Good luck
Medscan,
Are you saying that my name should go on the Real Estate Sales and Purchase agreement as the Seller when I am selling it to a new buyer?
Hey, I will be happy to go through everything I did with the deal last year.
Can we three way call or e-mail??? I would like to know too :-*
No problem, Let me know what is good for you guys.
CLM
how does it work ?
let’s say 400K loan
rent price is $1000 without option to purchase
deposit is $1000
downpayment is 1% of loan amount
contract is 1 year
with option to purchase it’s $1500…How does it work when tenant wants to buy at the year end ? does owner gets $1000 and tenant $500 is credit to the loan amount ? Or tenant gets the full $1500 toward the purchase price ?
please explain.
They’re talking about naked assignable purchase option contracts and not lease purchase option contracts.
Regards
Hi All
Glad to be part of this like minded group.
I would like to hear now your deal went last year,
step by step if this is ok with you. Also when and what
paperwork was used.
Any feedback will be great.
Thanks Heaps
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