Collecting an assignment fee using quit claim deed

[Jivonna B.]

Usually the title company deals with everything but I have a buyer who wants to pay cash for a house on a quit claim deed. Do I sign the quitclaim deed with the seller then an assignment contract with the buyer or does the buyer sign the contract with the seller then a contract for my assignment fee? I just spent the past hour searching for answers but I only got answers involving an REO. Any help would be appreciated. I am a wholesaler by the way.

[Ned Carey]

Originally posted by Jivonna B.:

I have a buyer who wants to pay cash for a house on a quit claim deed.

Jivonna B. You may know much of what I write below but based on your questions I want to be as clear as possible.

What do you mean buy "On a quit claim deed?" Do you mean they will accept a quit clam deed (He or she is a moron) or do you mean the current owner owns it via a quit claim deed?

No, YOU don't sign a deed with a seller. A buyer never signs a deed only the seller signs the deed.

Yes

No, in an assignment, you are selling (assigning) you rights in the contract. If you don't have a contract you cant sell it. If the end buyer signs a contract with the seller directly, the he or she doesn't need to pay you anything. (see below)

Now often an end buyer will pay you a referral fee. This is generally the difference between "Wholesaling" where you actually have the property under contract, and "bird dogging" where you simply get a referral fee for finding the deal. Keep in mind in most states getting a bird dog fee would probably be illegal as "providing real estate brokerage services without a license."

Good luck - Ned