All Forum Posts by: Terry Giancaterino

I am in Texas:

So I do two contracts, one for the buyer and one for the seller. One from the seller to me is one price and the one from me to the buyer is a different price--do I use an assignment of contract to transfer the agreement because I didn't actually CLOSE on my end from the seller.

With an Assignment with listed fee involved as well?

My Texas Title company gave me this response:

Bottom line, if you fail to disclose any known information (like you are going to make a $30,000 assignment fee) to the seller, when that seller finds out that you made that money (and he will), he can very easily come back and sue you and the title company for fraud. His claim to you is that you knew that the property was worth substantially more and you failed to tell him. Your argument is that it is a free enterprise system and you offered him a fair price that he willingly accepted without you twisting his arm. The problem is that the judge will more likely than not, find in his favor (because you are the pro and he is the innocent victim) and open a door for everyone else that you closed with to sue you as well.

It never fails to surprise me that every year some of these guys go into hiding, or worse, and then more just pop right up. All I can say is, you need to move your transactions to a state that will allow these types of transactions just to be safe.

--- and my thought was, huh? Jeez, now I have to retrain myself on Assignments as they seemed so seamless until now.