Does Seller(A) have to sign the Assignment contract too?? Wholesaling Help*

[Ciera Yorty]

   I've been learning everything I can about wholesaling and am stuck on this. I'm aware that both the seller and I need to sign the purchase agreement. But Is it important for them to also sign the Assignment sheet between myself and the End Buyer? I've only heard this recently in a book I read, and by a closing agent from a title company. I wouldn't want to get turned down by escrow day of closing, for not having the seller's signature on the assignment. Maybe it's about how transparent you want to be?

[Kenneth Germann]

The type of contracts you do are going to vary state to state. Here are the contract types in wholesaling:

Assignment Contract: In an assignment contract you have a seller contract that is between you and the seller. This is an AB contract. You have an assignment contract that is B to C. B is you the buyer who is selling the property to the buyer. There is only one closing fee.

Simo Closing: You have two seller contracts. A to B on one contract. B to C on the other seller contract. Title transfers in minutes. There is one closing fee.

Double Closings: You have two seller contracts. A to B on one contract. B to C on the other seller contract. There are two closings. 

You want to pick the contract types you use based on the laws of the states you are doing business in. Easiest way to figure out what the laws are is to talk to a title company that is a law firm in that state. 

In florida, I can do simo or sumultaneous closings. In north carolina and nevada, simo closings are illegal. I need to do an assignment contract or double close. In some states buyers are willing to pay the double closing costs on a double close. It depends on how lucrative the deal is. 

does this help?