I got my first property under contract to wholesale via a purchase and sale agreement between me and the seller. I have someone who wants to buy the property. My question is how do I go about assigning the contract? Do I just send him the assignment contract and that’s it? I noticed the assignment contracts only have information about the wholesale fee not the price for the property.
Have you had a lawyer look at your contracts @Tyler Yontz ? You want to make sure you are doing everything the right way. Usually, the end buyer needs to see YOUR contract with the seller and then sign your assignment contract. Make sure everything is spelled out. If you are unsure, I would strongly suggest you contact a lawyer in your area to guide you.
@Dan Barli thanks for the advice! Yeah I had my guy look it over and I am using the contracts from BiggerPockets so I guess they are legit to him. So once the assignment contract is signed I just take it in to the title company? Does the title company pretty much take it over from there?
@Tyler Yontz You’d send the buyer the assignment contract along with the original purchase and sale agreement between you and the seller for him to review. After all, it’s the purchase and sale agreement that you’re assigning to him. You can’t expect him to agree to accept the terms/price in an agreement he hasn’t reviewed first, right?
Once the buyer signs the assignment contract, you’d deliver that and the purchase and sale agreement to the title company.
@Kyle J. thanks for the clarification! Yes at least i hope he wouldn't agree without seeing it. I just wanted to make sure there wasn't an additional document/steps that i needed him to sign/do before i went to the title company.
If you are comfortable with your contracts and they were approved by your attorney, then take it to the title company once it's fully signed and make sure to follow the transaction all the way through closing.