Double Close Contracts

[Henry Washington]

I am trying to double close on a property I have under contract.  What contract do I use for my potential buyer?  Do I use a normal purchase and sale agreement even though I haven’t closed on the property yet? Or is there an assignment contract made for double close situations I can use?

[Mitch Messer]

Hey @Henry Washington! I'm in Georgia, not Arkansas, but my recommendations aren't state-specific:

1. First and foremost, find a closing attorney who actually does double closings, and then run all documents past them so they understand exactly what you'll be doing. In the end, the "right" documents are whatever your closing attorney says they are.
2. Generally, you can use a "normal" purchase and sale agreement. I am no lawyer, but my understanding is that by contracting with your buyer, you're agreeing to sell to them on a certain day, not asserting that you currently have the ability to close.
3. Your mention of an assignment contract worries me a little: The whole point of double closing is that you are not assigning the contract, but rather buying directly from your seller and then selling immediately to your buyer. There's no assignment contract in a double closing.

If you've never done this before, I urge you to find a local investor who double closes to give you guidance. There's absolutely no shame in learning the "easy" way from the experiences of others! We all started off not knowing.