Doc Stamps on Deed... Seller's HUD has my assignment Price...
So, I'm now on my 3rd wholesale deal and it's been a great learning experience and adventure that I'm enjoying. I've searched the forums but don't have time for hours of searching.
My question for the wholesalers out there with experience do your seller's ever push back on paying the doc stamps on the assignment price vs what they put under contract with me??? I WOULD if I was the seller...
I'm thinking going forward I need to add something into my assignment contract that addresses this. "The Assignee is responsible for the difference in DOC STAMPS ON THE DEED from Assignors purchase price vs Assigned purchase price"
Any feedback or experience with this would be great. The dollar amount is nominal but it's still money.
Example, seller agrees to a $100,000 sales price ($100k/100*.70 = $700 in doc stamps)
I assign for $110,000 ($110k/100*.70= $770 in doc stamps)
seller now pays an additional $70 for something they would have never thought to ask. If this comes up on my closing on Friday I would ask the title company to change the hud and take this out of our assignment fee as it's nominal but I'm going to address this on my contracts going forward.