Posted by David G. on October 27, 2003 at 13:57:02:
When I do flips, I get the fee from the seller. I tye up a home for a discount (Say 85K) then look for a buyer and sell for 100K. I then sign a contract with seller that I am assigning my right to sell to buyer for a fee. So seller ends up selling to my buyer for 100K, but he only keeps 85K. I have the assignment of contract notarized incase I need to record and put a cloud on title if seller gets greedy. So at closing seller gets 100k, but attorney or title co has an invoice that I give them where Im charging seller my fee. I get the money at closing.
How can I obtain assignment fee after closing? - Posted by Spencer
Posted by Spencer on October 26, 2003 at 14:37:15:
I’ve read that the Assignor is supposed to collect all or part of the assignment fee from the Assignee ( end buyer) before he/she goes to the closing table. But what type of paperwork or addendum do I need included with the Assignment of Contract that would obligate the buyer to pay me at the end of closing and also protect me legally?
If anyone could help me with this, I’d appreciate it. Also if you have any type of addendum (included with assignment of contract) that you use during flips, it’d be a great help to me since I’m getting started…