Assignment of contract

[Cesar Espino]

Hello BP, I have a two quick questions. I have a house under contract in Los Angeles California. I also already have a cash buyer and have presented the cash buyer with an assignment of contract. My question, do I need to get the seller to also signed my assignment of contract ( meaning it will have three signatures, the seller, myself as the assignor, and the buyer as the assignee) or does my assignment of contract is enough with just me (assignor) and cash buyer (assignee) as I already have the RE purchase agreement signed between the seller and I (the assignor). Second question, what is the process once both contracts are signed? Is it just enough for me to provide the escrow company with the additional contract (assignment of contract) and they will know what to do from that point on? I appreciate the help and assistance.

[Rob Gillespie]

Hi Cesar, 

Is the buyer paying cash? Banks may have an issue with the assignment depending on the lender and amount of the assignment.

Have you considered Transactional funding so you do not need to disclose your fees to everyone?

Finally, you do not need everyone to sign in Ohio, but you should check local laws. 

There are many ways to close this, but I would need to know more details. 

Congrats on working on the deal though! hope ya make a ton of coin!!!