Assigning a contract-How do you do this?

[Jeremi P.]

Hello

New to the forum and the information here is great. I have finally built up the nerve to attempt to assign my first contract. But I am not sure how to do so. I have buyers lined up for 2 properties. These properties are investment property below market value in TX. Normally I would just accept a fee for my work but recently I stiffed out of pay. Would someone be so kind to walk me through step by step on the assignment process? Sounds dumb, but the only dumb question is the one not asked. I'm a fast learner but I do need detail.

Thanks

[Tom Wood]

If you are just assigning a contract there is a lot less involved than trying a double close.

A double close is exactly what you describe, you have a contract with seller and then you get a contract with the buyer. You take it to a title company that will do a double close and the money to buy the deal comes from your buyer. You only end up owning the property for a few moments. As you can imagine it takes lots of coordination and not all title companies will do it.

The better option is a simple assignment where you "sell" your contract for a fee. You have a simple one page document that assigns your rights over to the buyer you found. Ideally you get paid when you assign the contract, but many buyers will want to wait to pay you at closing.

Hope that helps.