Can you add a buyer to the contract after it is signed?

6 Replies

Can you add another buyer to a sales contract after it has been signed by the seller and the buyer?  Then after you close on the property, release yourself from the contract for a wholesale fee.

My reason for asking is trying to figure out how to close a wholesale deal when you aren't able to assign the contract, don't want to using transnational lending or a double close.

As I understand it NO unless the buyer and seller agree and initial the changes on the original contract and exactly how will you release yourself from a legally binding contract ? 

I'm avoid those ways to close to minimize closing costs.  I know using a double closing or transnational lender you will be the closing cost twice.  

To clarify, I would release myself after the closing date.

I'm imaging that it goes down like this:

  • I put a property under contract.
  • I add a partner to the contract so we are both on the contract.
  • After we buy the house, he signs me off the title/deed (not sure I I know the difference)

Am I way off base?  Trying to avoid closing cost to allow more profit for the end buyer and myself.

This conversation looks to be 4 years old so I'm very late to the party. 

But hopefully my response will help the next wholesaler. 

I have been able to "add a buyer" to a purchase agreement and at closing I sign a quit claim deed; releasing my interest in the property.  

A contract was established with myself and my buyer for them to pay me X amount of dollars as my wholesale fee.

My buyer went on to profit 100K from the deal and I picked up a nice check as well.

Happy Wholesaling!