All Forum Posts by: Bimal Doshi

I have started calling the Title Insurance Companies, not sure how much will they charge for this service.

Oncer I assign I will be out of picture.

Hi All,
I will be assigning the contract on a wholesale deal.
Purchase Agreement and Unsigned Assigment of contract is emailed to my cash buyer.

In Assignment of contract, the assigment fee will be payable as non-refundable $2000/- at signing of the contract and the remainder at the closing.

How will the cash buyer pay me the $2000/- when I sign the contract. Will he give me a check of $2000/- or he will give give me a photo of the check that he has given it to his title co or attorney.

Or I have to get an attorney/title company to hold the check.

Thanks for your input.

Bimal

Hi Nii Okai,

You are right I am a newbie, and do not have an attorney or a title company.
Per your suggestions I will call a Title company now and an attorney.

See when you read books and people tell you the assignment is just A-B-C transaction, not all the details ae mentioned. So as somebody mentioned the Devil is in Details and I am finding all of it now piece by piece. But my second deal would not be as much as mystery that it is now.

I have already indicated to my seller that I will be making money from this deal and she is OK with it.

But I will call her again and explain to her one more time.

Regards,
Bimal

Raymond,

I tried to click on the persons name so they get an email, but instead it took me the persons Introdcution page, I will play with this little more and figure it out.

Thanks,
Bimal

Hi Darrell,
Thanks for your advice. I am open to learning from the experienced RE Investors. So far I have got great advice and making a note of it.

I haven't approached an attorney yet, but since my buyer has already accepted my terms, I will just have my contract reviewed by an attorney. I will be signing the Assignment of contract today or tomorrow.

Does the Seller need an attorney for this transaction or not?

Kelly P. mentioned that he uses a title company once the assigment contract is signed and the Title Company handles everything from there on, does that mean the buyer will use my Title Company. So do I have to be at the closing.

Thanks,
Bimal

Firstly, let me thank all of you for providing me with the knowledge and education about Assigning the contract.

Here are more details

1) Yes I have signed the "Agreement for Purchase of Real Estate" with the seller using "my name and/ or assigns".

2) I have disclosed to the seller that I will be assigning the contract for a fee and also provided her with names of both my my buyers.

3) I have not disclosed to her my assignment fee, if you suggest I will disclose the fee to the seller.

4) My buyer is eager to execute the assignment of contract, I forwarded him the Contract that I drafted from the internet.

Do I have to have a Title company to handle the closing even if I have assigned the contract, or it is the end buyer who will have the Title company handle the closing.

I also get a sense that I need my contract reviewed by an attorney before assigning.

Bimal

Thanks Todd,

My cash buyer is going to call me now and I will at that ask him for a deposit.

Since this is my first deal, I do not have a title company or an attorney, so should the deposit money go to his title company and attorney.

What paper work needs to be signed to make it non-refundable deposit, since it will go to his attorney or title company.

Any input will help.?

Hi Bill,

Thank You for a detailed explanation.

This is my first ever deal, I am new to this business.

The cash buyer attends the same RE club as I do, but only interacted once during the meetups.
I have another buyer who also wants this deal , so I asked him to wait if this deals fails with the current cash buyer.

Today I will be assigning the contract, and alongwith I will also hand over the original Purchase contract. Does that mean I will get full amount of my assignmnet fee.

If they do not pay the fee today what happens if the cash buyer backs out or does not agree to the terms and condition of the Purchase contract. The closing is scheduled for June 7th,
Is it true the assignment fee is paid at the closing not at the time of Assigning the contract.

Little confused.

The seller is totally inexperienced, I suggested her to have an attorney at the closing.
I also strongly suggested to her that she get the contract reviewed. We are past the attorney review stage ,since her attorney is out of town, so she will have it reviewed at that time. But by that time I would have already assigned the contract and what happens if the attorney puts conditions.

Thanks

I am doing an assignment of contract and have couple of questions.

Should I ask my cash buyer for Earnest Money or POF?

After I Assign the Contract, should I also handover the Purchase contract to the buyer?

Do I also have to be at the closing?

Thanks in advance for your help

I am on the verge of making my first deal ever.

Two interested buyers, can close in 10 days.

I am doing an assignment of contract.

Can I ask my buyers to put down non refundable earnest money. If such is the case then do I have to do double close. Will the buyer give me an actual check or will provide me with picture of the check he/she has given to the attorney. Instead should I ask for POF.

If I do not have to double close and if the buyer puts down earnest money, how do I acknowledge the receipt of the EM.

After I assign the contract do I hand over the purchase agreement to the cash buyer before the closing. Do I have to be at the closing.

Is it possible the cash buyer will not agree with the terms of purchase contract.

Does anybody have a standard assignment of contract form

Hi Wayne,

The banks have made it difficult for a Wholesaler to assign properties with the deed restrictions and assignment clauses but using a Land Trust totally eliminates these restrictions allowing the Wholesaler to profit on EVERY real estate deal.

But you provided the correct answer and I am satisfied. A separate agreement to transfer the beneficial interest for which you charge you fees, of course this will not go on HUD.