New to Real Estate · Knoxville/Memphis · Member since 2020 · 5 posts · 0 votes
I am extremely close to my first deal. I need some information on how the payment process works. I have been scouring the internet to find the answers, but I can't...
This is what I believe the process to be. I need help with steps where I put a "?"(what I don't know). By the way, this is all after I have negotiated the agreement, and I have requested a $2,000 down payment from the cash buyer.
1. Fill out the Purchase & Sale Agreement
2. Fill out Assignment Agreement
3. Send both of these contracts to the title company.
4. Is this where I get paid? Does the cash-buyer just write a check for me?
Thank you in advance!
(Edit: If you would be willing to PM me, I am be able to explain my question better.)
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
5y
On the purchase and sales agreement there should be a closing date. The title company will write you a check for the assignment fee on the day the deal closes.
The buyer gives his money to the title company on the closing date, the title company splits it up between the seller, the expenses the seller owes, and you- the assignor.