All Forum Posts by: Bimal Doshi

Thanks, Wayne.

So it seems for my attorneys is email, she is more attuned to double closing and assignment.

Do you agree the steps I have detailed for the assignment are correct or needs some modification. Do you have any suggestions that I should convey to my attorney.

My buyer insisted that I hire an attorney for the assignment of contract.

One of my potential buyer spoke highly of an attorney and so I retained that attorney.

Currently we are under attorney review and my atty,. reviewed my contract and suggested some modification which the sellers attorney agreed.

She sent me a retainer agreement and in that she listed the service she will provide which is as follows:

"The legal services include the review of the contract of sale and any amendments to the contract, preparation for closing including obtaining necessary title work, preparation and review of closing documents, representation at the closing, recording of documents and obtaining the title policy for the buyer."

Since I assigning I am not sure if the attorney has to

1) prepare for closing

2) obtain title work (I can as the cost it's minimal but not necessary)

3) preparation and review of closing documents

4) Representation at closing.

5) recording of the documents

6) obtaining the title policy.

She also went on to say that once we are out of attorney review the assignment is complete.

I am not too thrilled by her lack of knowledge of Assignment of Contract.

The service I require is

1) review purchase contract in attorney review stage

2) once out of attorney review, I want her to draft an Assignment of contract and send it to the buyer's attorney and collect the deposit for the assignment.

3) buyer will then conduct his inspection and if all goes will schedule a close with the seller.

4) At closing, the buyer will wire or send a certified check towards the balance of the assignment fee, I do not thing my attorneyneeds to be at the closing. I can go myself to the closing an collect the check.

Is there any better way I can guide my attorney what needs to be done once we are out of attorney review.

If any of the responder has done an assignment please tell how have they done it. My attorney is making it very complicated.

Thanks,

Bimal Doshi

Got it.

All this tells I am a newbie. I didn't even know the cost was paltry.

For my next deal I will do that even before going any further.

Thanks Manny.

Manny,

Thats what I thought, as an assignor I can pass the title searh payment to the Assignee.

The reason I raised this questions was because I saw postings where I saw most assignor doing the Title Search and then assigning the contract which I found contrary to what people have been telling or speaking at club meet. Even a course that I took did not mention about the assignor doing the title search.

In the next meetup I am definitely going to raise this question to educate myself more on this matter.

Hi Wayne

The following was found in the Attorney review letter:

. Seller shall provide Buyers’ attorney, within ten days, any available back title information in their possession, including Deed, survey and title insurance policy.

to which the sellers attorney replied

.Replace with: "Seller agrees to provide a copy of the Deed to the property within ten days of the end of attorney review. No other back title information is believed to be availale but will be provided if it become available".

Hi Wayne,

Thanks for your input, for me it is lesson learnt. I will look in to my contract more closely and will put in my comments.

Hi Bill,

Thanks for your input, it gave a new perspective.

Since we are now clear,

who does the title search the Assignor or the Assignee.

Because the MY purchase contract does not say who will pay buyer or seller.

Hi Wayne,

Seller is the person who owns the house and is motivated to sell.

When you say Seller I hope you mean the assignor(the wholesaler)
when you say buyer I hope you mean the assignee(the investor buyer).

In an Assignment of Contract who does the Title Search, the Assignor or the Assignee?

I spoke to my seller's attorney, I explained to her the situation and she is Ok with me assigning the contract but made me prepare a new contract which will be executed today, I forwarded her the new contract with my signatures.

But she was asking for information of my cash Buyer attorney, and I told her, that I cannot provide you with that information until the revised contract is executed by both parties and I have executed the assignment contract with my end buyer.