How do I protect myself while splitting a wholesale deal?

How do I protect myself while splitting a wholesale deal?

Real Estate Agent · Drexel Hill, PA · Member since 2017 · 8 posts · 0 votes

Someone I met at a real estate networking meeting has a house under contract that he was going to flip but instead wants to wholesale. I have a few cash buyers lined up so he agreed to split the assignment fee with me. How do I make sure he holds up his end of the bargain? Is it as simple as a promissory note? Or is there a better way?

0Reply
13 views

2 Replies

Jump to latestLatest
  • Real Estate Agent · Drexel Hill, PA · Member since 2017 · 8 posts · 0 votes
    9y

    Actually - I should also make sure this is legal and not bird dogging. I have heard of wholesalers doing this so I guess I assumed it was legal but I should double check ...

  • Investor · Fairview Heights, IL · Member since 2008 · 189 posts · 62 votes
    9y

    P&S Contract and Assignment Contract, send both to title company and they will take care of it.

    At title company closes, you will get your share of the assignment cut.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.