All Forum Posts by: Daniel Hart

When you collect the deposit, do you provide any type of written agreement or contract to the buyer at that time, or simply wait until closing to sign the assignment?

Also, do you have any advice on how to explain to a buyer that you are assigning the contract? I'm concerned that some will be afraid of what they don't know.

Thanks for the advice. I'm not concerned so much about keeping the $1000. My main objective is just to ensure that the buyer is serious. I just wondered if someone would object to the deposit check being written directly to me.

Also, when you have your buyer sign the assignment contract, do you show them the original contract at that time?

Thanks

Hi, I just got a property under contract that I intend to assign. I'm not sure what to do about collecting a deposit from an end buyer.

What's the standard way to take a deposit from a buyer who I intend to assign my contract to? If it's someone I know I won't take a deposit, but if it's someone random I'd like to get $1000. Is this normal, and if so, what's the customary way to do this? Should they make out a check to me, my LLC, the closing attorney, themselves?

I was thinking it would be a good idea to have them make it out to the closing attorney and hold it in escrow, thoughts?

Thank you.