Wholesale Assignment Contract

[Ricky Reese]

I recently found a property from a local advertisement. Upon thoroughly reading the advertisement and contacting the "seller" we agreed on a purchase price. The agreement (hypothetical numbers) was for $80,000. The "seller" then stated that he would have to "assign" the contract to me. This is my first time dealing with this type of transaction. He stated that $5,000 of the total would be for him at closing. The remaining $75,000 would be for the original owner for the property. My main concern is the $5,000 due to him at closing. I plan to use the Credit Union as my lender. I'm aware of the 20% needed for the main price of the property. Will I need to also pay the full $5,000 PLUS the 20% down payment?