please explain how does assignment work?

Could anyone explain to me please how does contract assignment works?
Let’s say I have a house under contract and the contract is assignable…
Let’s say I found a person who wants to take over the contract?
What happens then?
Does he have to have a new contract for this property?
Where do I specify my assignment fees?
How does closing happens?
Do I have to be present at the closing?
What if seller has realtor?
Thanks a lot!

Howdy Denvergirl:

I am a Denver boy. Born there almost 50 years ago. I am coming out in May on the 14th or so for a visit.

If the seller has a Realtor they will have to pay them a commission if they sold the house thru them. It has no affect on your assignment.

If you have been paid your assignment fee then why go to closing unless you are bored. I did one once where I got a grand before closing and $3000 at the closing. I was there early to get my money.

The seller and your buyer work out the details of the closing. Sometimes the two never even meet and sometimes they meet and party all night long after the closing.

The assignment agreement is only about a paragraph or two at least the one I used several times. The line about the fee was the first line if I remember. It went something like this. I hereby assign the contract between xxx and yyy for the assignment fee of $5000 payable …

There is no need for a new contract as long as yours is still good

Sign an agreement and get the money and let the seller and or their agent know.

I answered backwards. I had dyslexia when I was a kid

epoH siht spleh LOL is backwards for LOL

Hi there,

Thanks so much for taking your time and explaining everything to me!
See you in Denver. You should come for one of the rei meetings.