wholesaling assignment contract

[Devin Wilkinson]

I have a property under contract and a buyer currently. When I sign the assignment contract with the new buyer do i also give them a copy of the original purchase and sale agreement between the seller and me? And then do i just take the signed assignment contract to the title company and they handle taking the funds from the seller and new buyer and disperse the agreed upon assignment fee to me? Is this correct or am i missing something? This is my first deal so any help would be greatly appreciated!

[Christopher Brainard]

Hi @Devin Wilkinson and welcome to BP!

If your buyer is legit, they are going to need a copy of the original contract before they agree to the assignment. As a wholesaler, you're selling the contract that you have with the buyer (not the house), so its important for the end buyer to understand what terms you've agreed to with the buyer, as they will have to fulfill them in the end. 

Also, before you or anyone else flips out, a good investor isn't going to care what you have the property under contract for - they care what their purchase price is and if it fits their investment criteria. As long as you're offering a fair deal and have a reputable buyer, you won't have any issues. 

As for the rest, the title company will take care of things and issue you a check upon closing.

-Christopher