Assignment Fee Agreement

[David E.]

Hello,

We have closed multiple transactions and have never had this issue come up so I'm seeing if anyone can provide some direction.

Description of the issue:

• Had a property under contract for $215k
• Found a buyer willing to pay $230k ($15k would be paid to us as an assignment fee)
• Assignment agreement signed by all parties saying that at the time of closing $15k would be sent to us
• Buyer sent in $10k EMD and expected to close within a few days
• Buyer then attempted to renegotiate the deal by asking for it at $205k, knowing that we had it under contract for $215k.
• Buyer stated that they were not moving forward however they went behind our backs and closed the transaction for the $215k price that we negotiated and had under contract but assigned to them with the assignment agreement in place.
• Escrow knew about the assignment fee agreement and even had it at one point written in the escrow instructions and had it on the HUD.