Question for the pros!!

[Nathan Paisley]

So I have 2 properties under contract sellers and buyers. My question is on closing... I want to do an assignment on the one no big deal. But I want to do a simultaneous closing on the other because of my profit margin. How do I tell the title company that I don't want it on the HUD? I heard I can have them just write up a separate settlement sheet with my fee on it and that sheet isn't presented to either seller or buyer. Am I correct with this assumption?

These are my first 2 deals ever so any help would be appreciated!

Thanks Nathan

[Jon Holdman]

On the assignment deal, you would give the title company the P&S contract and an assignment agreement. They would use these to (among a lot of other info) to prepare the HUD-1. Your fee would show up on the HUD-1.

On the second deal, there will be two P&S agreements. One between you and the seller and a second one between you and the buyer. There are two separate closings, one where you buy and one where you sell. Your "fee" is the difference between what you net from the second transaction and what you have to pay out on the first transaction. These days, these do usually require that you have your own funding for the first transaction. That can be from a transactional lender who would then get repaid from the proceeds of the second transaction.