Is this a wholesale deal?

[Timothy Reed]

We are buying a property off of my niece that she just inherited. She has agreed on a price is allowing us to rehab and sell it to someone else form a profit. At that time she will take her agreed upon amount and we walk with the rest.  

We are confused on the paperwork. Do we need to have a purchase agreement with an assignment clause or any nodes how to handle this.  We are in Pennsylvania if that is relevant

[Chris Seveney]

@Timothy Reed

Hope you trust your niece. Get an attorney involved to structure this deal- what you need is some type of joint venture deal outlining all the terms

[Timothy Reed]

Thanks. I do trust her its more for the title company  to close the deal. Thanks for the input

[Austen Mueller]

 As long as you all agree, your good(in theory)

You could just fix it for her and she can pay you after she sellers it. That way it transfers just once. 

[Austen Mueller]

[Timothy Reed]

That’s the way its supposed to work. Just didn’t know if a settlement company might want something. Thanks

[James Hamling]

@Timothy Reed the question shouldn't be do you trust your niece, question is do you like her? Do you want to keep that good relationship? Because the #1 best way to destroy a good relationship is via business deals that are not thoroughly detailed and drawn out, legally, with every contingency mapped. 

Ask any of us who have experience in estate deals, nothing turns loving siblings/family into a murderous rage like family deals not well defined. 

Be smart, get a R.E. Attorney, sit down together with that resource, tell them what you want to do and have them build the fences to help assure greatest success and solve problems before they ever happen. 

[Timothy Reed]

That’s great advice. Thanks

[Jason Maguire]

This definitely seems like something that an attorney should handle. 

As other's have mentioned above, you don't want to sour your relationship with your niece over some sketchy verbal agreement. Attorney seems like the best path, that way all guidelines are met & everyone is aware of what they are on the hook for.

Best of luck!