I have been doing a lot of research through the bigger pockets forum, mostly related to wholesaling. It seems that all the talk about wholesaling is based in other states. My confusion is surrounding the process of getting a property under contract and then assigning it to a cash buyer.
In Massachusetts, is it as simple as using a P&S with the seller, then using an Assignment of Contract for with the Cash buyer?
Also, is my understanding correct that Massachusetts does not use Title companies for closing, they use Real Estate Attorneys?
Thank you for your support.
What a great question, I looked into it recently as well. A question for @Shaun Reilly , What is the etiquette on who chooses the closing attorney? Is it usually the buyer? When you wholesale, and you sell to a fellow investor, they probably push for it to close with "their guy" correct?
@Shaun Reilly Thank you for your feedback and providing a link to the resources from Justin's blog. The information is exactly what i was looking for. I have read many of your responses to others posts and they have been extremely helpful.
Happy New Year!
@Account Closed in a typical retail deal you will usually have the seller with their attorney and the bank (assuming a loan) will have their closing attorney. The buyer will have their own attorney but commonly the bank and buyer will have the same one.
On a wholesale deal if you are just assigning then you probably won't have one specifically involved in the deal (Though you do want to have a relationship with one if you need one for something). Your buyer will likely have their own, or will have one via their lender (Be it a bank, private lender or HML). Your seller may or may not have representation.
If you have to double close you will have your own attorney for your side or you can use one of the other ones involved. It will save some money to have less of them involved, but as you astutely noted most people will want to have their own attorney involved if they don't have a relationship with one of the other ones.
Thanks @Shaun Reilly
That was very clarifying. Great Info!
Thanks for providing the links @Shaun Reilly
The assignment contract is set up so you can specify who you want the buyer's closing attorney to be. The reason I like that the buyer use my attorney is because she already has an understanding of the situation and any particulars about the seller. In the end, the process runs much smoother for all parties and it will ensure that I won't have any issues getting the assignment fee if the buyer doesn't perform.
@Shaun Reilly Hey could you refer me to the attorney that you are using?
|Grugnale and Schlesinger, PC|
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