Updated over 7 years ago on .
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Assignment Fee Agreement
Hello,
We have closed multiple transactions and have never had this issue come up so I'm seeing if anyone can provide some direction.
Description of the issue:
- Had a property under contract for $215k
- Found a buyer willing to pay $230k ($15k would be paid to us as an assignment fee)
- Assignment agreement signed by all parties saying that at the time of closing $15k would be sent to us
- Buyer sent in $10k EMD and expected to close within a few days
- Buyer then attempted to renegotiate the deal by asking for it at $205k, knowing that we had it under contract for $215k.
- Buyer stated that they were not moving forward however they went behind our backs and closed the transaction for the $215k price that we negotiated and had under contract but assigned to them with the assignment agreement in place.
- Escrow knew about the assignment fee agreement and even had it at one point written in the escrow instructions and had it on the HUD.