Hello BP Friends,
I 100% understand the purchase agreement / assignment process and the contracts Involved for doing a low
dollar assignment amount normally.
My question is:
For high dollar amount assignments where we want to double close and I obviously don't want to put the assignment
fee on the contract. What is the process / documentation / contract that I would need. Would I Just use the same
purchase agreement that I used with the seller, except change the dollar amount? Are there other documents required?
I searched the forum, but couldn't find a solid answer. I am already aware of how the double close works. But the devil is in
the details. Thank you for feedback :)
@Chris Holdren for higher dollar fee amounts between what you buy and sell for you'll want to do a double closing. I would encourage you to use a different purchase and sale agreement with Sellers and buyers. The terms and conditions of the agreements should be different. You want a "buyer friendly" contract when you are purchasing the contract and a "seller friendly" agreement when you are selling to your end buyer. For example, our typical selling contract (to end buyers) offers no due diligence/inspection period (they should do it before they sign an agreement) and substantially higher earnest money deposits than our seller agreements.
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