I am closing my first wholesale deal, and the title company has informed me that the seller has to sign an additional document regarding the assignment of the contract.
Is this standard? My original Purchase and Sale Contract states that the contract is assignable. I didn't know if the seller would see the difference on the HUD form or not, and the seller knows that I was marketing the property for a profit, but I was not expecting this.
Closing document packages vary from closing agent to closing agent. I have been amazed at some of the forms that are produced for execution at real estate closings. Good luck.
I agree, different states, different closing agents etc. Try to have your seller simply focus on the proceeds that they are getting. Even though this is your first deal. Have the attitude that this is business as usual..........good luck!
@Al Wilson and @Roland Paicely , I found out the document they want the seller to sign is simply to state she knew that I was assigning the contract, NOT the amount the contract was assigned for. Why on Earth, I have no idea. The contract, as well as a separate Seller's Acknowledgement sheet clearly stated this. I guess it was CYA for the title company.
Thanks for the responses!