Amp » Assignment of Contract Walk Through

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Amp » Assignment of Contract Walk Through

So in this session we’re taking you into an up-close look at the Assignment of Contract agreement.

This will not be a long training, because frankly it’s a pretty darn simple document actually. But don’t be fooled into thinking it’s not important.

Truth be told this is one of the most key, essential docs in your REI tool chest. You need to understand how it works, why it works, and the best practices for using it.

So that’s exactly what this session’s all about, including giving you our very own contract assignment that you can start using on your own deals if you want.

Watch and Enjoy…

Resources Mentioned in This Session…

<reverse psychology> 
Please don’t leave any comments or questions below…zero, zilch, nada, none whatsoever. 
</reverse psychology> 😉

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Whoa there, partner…turns out this training isn’t quite ready for you yet. But our little elves are working on it, and as soon as it’s posted, we’ll send you an email (how nice of us!) and then it’ll magically appear here for you. Patience, Grasshopper…we’re eating the elephant one bite at a time. 🙂

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16 Responses to “Amp » Assignment of Contract Walk Through”

  1. stacy Reply

    Do you have a copy of the initial contract with seller or does it all go on this one assignment contract between you and the buyer.
    I’m looking for the contract that I would use to put the property under contract after the seller agrees to sell.

    My second question is does the buyer find the title co. or does the wholesaler? Which one is required to take the contract to closing and or title co.?

    • Hi Stacy, I’ve got a good contract you’re welcome to use, but I’ll email it directly to you. 🙂

  2. Norman Robinson Reply

    is the earnest fee taken from the 10k fee or is it on top of the 10k? when do they pay the earnest fee?

  3. Fredrick Austin Reply

    Great information for assigning a contract!!!! Thanks for the forms!

  4. Joseph Tucker Reply

    Hey I was taught to ask for a $2,000 Non-Refundable earnest money deposit to make sure the Buyer is serious. If they do write it out, who do they write it out to, me or the title company? Thanks.

    • Patrick Riddle Reply

      Hey Joseph, good question. You could have the buyer write the check to you. If you’re asking for $2k in earnest money, a lot of buyers may be more comfortable with writing it to the title company though.

      – Patrick

  5. Jerry Birdsong Reply

    Gentlemen, this was just what new wholesalers NEED to know. Thank you for the clarification of equitable interest. The bundle of sticks was an excellent analogy.

    I also appreciated the insight into using an invoice.

    I am telling all my investor friends about SIIC and the tools (PMOD, IMOD, 10HW). I am using them all

    • Patrick Riddle Reply

      Jerry, glad the assignment walk through was very helpful to you.

      Thank you SO much for spreading the word to your friends about our training programs. We really appreciate it! 🙂

      – Patrick

  6. Joanne Mines-Sims Reply

    Thank you guys for the info and docs. Extremely helpful Amp re wholesaling and Contract Assignment. Regards!

  7. Darren Anderson Reply

    Thanks! You guys are awesome!

  8. Roby Tanner Reply

    So does the cash buyer pay the closing costs agreed to in the original P&S agreement or do you have to pay them before completing the assignment contract???

    • In my deals, I typically tell the seller that I (as buyer) will cover all closing costs across the board. Then I pass it all along to my new buyer. But basically, when he assumes the contract, he assumes whatever the previously agreed upon terms were for closing costs too. Everything that’s spelled out in the contract is now binding upon the new buyer.

      • Roby Tanner Reply

        Thanks JP. That is a question that has been freaking me out and plaguing my mind ever since instructors have spoken about little to no money down strategies.

  9. David Doyle Reply

    Hows that again guys?
    Dave Doyle in Los Angeles

  10. Darren Anderson Reply

    JP, can you post an example of an invoice that you would send to the title company?

    • You got it, Darren – see resources attached! 🙂

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