All Forum Posts by: Nicky Wade

You will need to sign a lease agreement with her. For the rent amount, stipulate $X for 1 week and show it as a credit to your purchase price. The reason you want to do this is because it sets rent price and allows you to collect rent if she refuses to leave. You can also build penalties for hold-over (staying past lease end day) in the lease. You can state $XX per day in hold over fees if tenant doesn't leave on X date at 12PM.

If you are wholesaling this property, make sure the buyer is aware of the tenant and share the lease agreement with them.

Failure to sign a lease agreement doesn't mean you don't have a tenant, it just means you don't have lease terms. That will only turn out badly for the owner.

Your best bet is to call and get acquainted with an investor friendly closing company.  Or find a couple of other local wholesalers where you'd like to market and see which company they use for referrals to save you time.

Yes, the Purchase and Sale Contract is different than an Assignment of Contract document.

Incase you are ever in a situation that the buyers lender or the closing attorney won't allow pass through funding on a double close, or you just choose not to use that option, I do offer Transactional Funding on double closings as well.

Title companies are pretty standard...the only real difference is customer service. Most reputable title agencies won't work with wholesalers....they have enough legitimate business closing $400k homes in my city to be pretty selective. That said there are companies that will work with wholesalers and maybe even double close...the best approach is to start calling around...let them know exactly what you are trying to do and see how they react.

A purchase contract and assignment of contract would be 2 independent documents.