When is Assignment Fee Payday? - Posted by Arch

Real Estate Investing Real Estate Financing
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Posted by Kristine-CA on July 04, 2002 at 13:25:09:

Arch: I collect my assignment fee at the time of assignment. The buyers go to close with their own funds and I am out of the deal completely.

However, with largers sums, some buyers are going to need to pay you at closing with funds from their loans. I’ve never done this before, but I would assume it’s not really different from other fees that are added to the purchase price (such as buyer’s share of escrow cost buyer’s agent cost) for a total due from the buyer at close. Hopefully someone here can help us on this one…

Sincerely, Kristine

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When is Assignment Fee Payday? - Posted by Arch

Posted by Arch on July 03, 2002 at 03:08:53:

Hello,

After having investor/buyer sign ‘Assignment Agreement’ with fee amount,

1)I’m not clear as to when the ‘assignment fee’ is collected?..

2)Does the amount get added to amount of sale in ‘sales contract’ and have seller/lawyer refund me the fee amount by a seller signed ‘Irrevocable Assignment of Net Sale Proceeds’?.. if so,

3)When is fee amount added?

if not…

Who…What…When…Where…Why…How… is it properly done?

After reading the books, still need some clarification just to be SURE!

thank you!