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?
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.
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 ?