Assignment time frame in Texas

please don't take this wrong but.....you have a FSBO under contract and you don't know the next step about how you get your assignment fee, and from whom you collect? What was your plan and/or idea when you put the property under contract? Were you just planning on canceling the contract to the FSBO after 60 days with no regards to the sellers time? Did you have an exit plan? Do you see that this is kinda like jumping out of an airplane and wondering afterward if you should have brought a parachute?

All your answers to your questions are on this website and Dean's books and I highly recommend that you quickly read some of the possible answers to your questions.

Oh by the way, congrats on getting it under contract for 60 days... that is a lot better than the usual 30 days most people do, as long as you have a plan to capitalize on your success.

Bill,

No offense taken. I jumped at the opportunity to get my first deal done and literally took the "take action" to heart. I just wanted clarity on the assignment fee due to seeing different posts and where you are located geographically.
As for my exit plan, I do have an escape clause that is quite simple and basically states "contingent upon inspection and approval from partner".
I am not going to drag the seller on for days on end.

But thanks anyway.

Joseph

Joseph, The first step you have already completed, congratulations. The second part is "selling or assigning" the contract to your end-buyer. The end buyer will be the source of your assignment fee. When you are paid is negotiable but most assignment fees are paid at closing. I suggest you get at least the amount of your earnest money from the end-buyer when you complete the assignment agreement. Once you have assigned the contract, you lose control of whether it actually closes or not. If it doesn't close the sellers keep the earnest money. Just make sure you at least break even on the deal.