Closing On A Virtual Wholesaling Deal

[Travar Taylor]

I have been trying to search for a definitive answer on this topic but I can't seem to find one: If I live in PA, but I am wholesaling property in Texas, what is the process of getting my assignment fee? Do I need to give both contracts to my title company in PA for settlement or do I need to find and give both contracts to a title company in Texas for settlement? And if I need to find a title company in Texas, obviously I would not be at settlement so would I ask them to mail my assignment fee to me? Can someone please explain this process to me?

[Ronald Rohde]

Originally posted by @Jim Cummings:

@Travar Taylor. I don't have a definitive answer to your question, but if you close at a Title Company in Texas, they can either mail or wire your proceeds (Assignment Fee) to you. 

In my opinion, your Assignment Fee would be handled no different than a Commission check. Just need to have it stipulated in Contract or other appropriate documentation.

Suggest you contact a Title Company near the properties you are wholesaling in Texas. I'm sure they would be happy to do the closing, and deliver your proceeds. 

 Closing at a Texas title company is the best bet, but I disagree that its 'no different than a Commission check' if its a payment contingent on the closing of a real estate transaction, that is unauthorized unless you are licensed. Attorney general can easily use these public posts as well.