Assignable Contracts/ Double Closings

5 Replies

Hi everyone, I hope you're all having a good day. I had a question about vaild contracts. Do I need to get an assignment contract from a title company, a lawyer? Is it a contract that I can print online, or do I need to create it each time specifically for the deal and get it approved by a lawyer and title company? Is a double close contract along the same lines but separate for each party? 
May I have examples of empty templates or a checklist of what needs to be included in an assignable contract? Thank you! 

From a good reputable lawyer is a good option, but you can ask your fellow investor at your local meet-up for a copy of theirs. Anyone that refuses is a douche ... sorry. It cost you nothing to give someone a copy of your contract.

You can print a contract out online, and let a broker review it and in return you will close your next deal with them. Many options.

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Originally posted by @Janet Balian :

Hi everyone, I hope you're all having a good day. I had a question about vaild contracts. Do I need to get an assignment contract from a title company, a lawyer? Is it a contract that I can print online, or do I need to create it each time specifically for the deal and get it approved by a lawyer and title company? Is a double close contract along the same lines but separate for each party? 
May I have examples of empty templates or a checklist of what needs to be included in an assignable contract? Thank you! 

Janet, you can have your attorney draft an assignment agreement or get one from a local wholesaler (one can be found at pretty much any local RE meet up). For a double close deal, you do not need an assignment contract, you simply need the purchase and sales agreement between you and seller and another between you and your cash buyer. You will have two escrows, two closing, and two sets of closing costs in this method and you will also need to bring funds to the table to close the transaction between you and seller.

More importantly, assignments as a means to wholesale are typically executed illegally as they violate CA DRE laws for brokering without a license so I strongly suggest that you look into the legalities of your wholesale structure before you proceed.

Find an investor-friendly attorney. It doesn't cost much but will save you money long term. From my experience in NYC, you may need to amend the contract while your deal will progress and the attorney will handle it.