ASSIGNING?

[focusonmoney]

When im assigning a contract to a investor how do i get payed at closing? do i have to do a double close or tell the title company im assign the contract? please let me know thanks........

[melanie]

NEVER do a double closing!  You want to do a simultaneous closing.  Before you work with a title company be sure you ask if they do those.  On a double closing your seller and buyer see each other.  On a simultaneous they come in and sign in different rooms, sometimes different times.  The title company must know you are assigning the contract and have a copy of the assignment.  If you let the title company know that you are doing this for a living and want to bring them more business they will generally help you in what ever way possible.  Also, the title company will handle the checks, usually the buyer comes in with a cashiers check or the title company had them put it in escrow a few days before.  The title company then cuts a cashiers check for the buyer and one for your when you close.

[focusonmoney]

Thanks for your reply it was helpfull

[focusonmoney]

if im assigning my contract do i need a lwayer for closing? or just the seller and end buyer needs one?

[WilsonTaylor]

Focusonmoney,

If you assign the contract, you are out of the loop unless the buyer defaults.  You don't even have to go to the closing if you have collected your money.  The assignment is all the title company needs to put the correct name on the papers.  

Wilson

[focusonmoney]

ok now i get it...thanks

[SCook85]

Double closes and Simultaneous closes are the same thing.

Blessings,

Steve

[SCook85]

If you assign a contract, you can get paid at the time of assigning your deal using a simple assignment form, or you can get paid from funds at settlement.

If you do a simultaneous close or double close you will get paid at the time of settlement.  I always recommend using experienced attorneys, they know the routine.

[focusonmoney]

so when you do a double close do you have to pay for both closing or just one?

[SCook85]

Closing costs have to be paid in both transactions.  This is why assigning is better, but assigning isn't always possible.

Blessings,

Steve

[focusonmoney]

so if you are wholsesaling how do you get around paying the closing?.. does the end buyer pays for both closing?

[SCook85]

That's negotiable between you and your seller, as well as you and your buyer.  You can have your seller pay when you buy, and your buyer pay when you sell if you choose.

Blessings,

Steve

[focusonmoney]

oh ok that make sense...thanks  

[focusonmoney]

Steve.. if im wholesaling a deal whats the necessary clauses i should have in the contract?

[SCook85]

You don't need any special clauses in your contract when wholesaling, just make sure that your contract is not "non-assignable".  Cross it out, or don't include it at all.