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Updated almost 10 years ago on . Most recent reply

User Stats

36
Posts
8
Votes
Greg Hammond
  • Investor
  • Louisville, KY
8
Votes |
36
Posts

What fees are involved as the middle man in a wholesale deal?

Greg Hammond
  • Investor
  • Louisville, KY
Posted

As the middle man in a wholesale deal, what legal fees am I responsible for? Title search/closing etc. I have a signed sale agreement and notorized memorandum I am sending over to a closing attorney in the morning. I'm guessing I need to pay for the title search or will the end buyer do that? I have the end buyer ready to sign the assignment contract tomorrow afternoon. I just need a little help as I am confused as to what I need to do vs the end buyer. I have a difference of $3500 and I would love to see how much I am going to keep! Thanks in advance

Most Popular Reply

User Stats

833
Posts
197
Votes
Carolina E.
  • Investor
  • NW Indiana
197
Votes |
833
Posts
Carolina E.
  • Investor
  • NW Indiana
Replied

@Greg Hammond if you are just assigning it, you don't have any fees.  The buyer pays for all his due diligence.  You just are responsible for your tax on that money when it comes time to pay your taxes.

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