OfflineThis will be my first assignment deal! I have attached the manner of payment part for my contract that i will be using. Is this okay? Do i even have to have earnest money in there to make a legal contract? It is a FSBO. also, do I need to put the earnest money in escrow and pick a closing agency before I even have found my buyer? did i put the vallues in correctly?
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You do Need to have a Title company on speed Dial..You Really dont need to have Earest Money for FSBO
your numbers dont match
written says 62,400
Mike
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Consult with your RE attorney on a contract so you can the peace of mind.
I'm not an attorney but based on my understanding, you gotta have some sort of consideration to make it a legally binding contract. It could be earnest money of $1 to $1,000, or a used lawnmover you have at home
Yeah just fix your written amount, it says $62,400 but it should be $62,600.
Also, I wouldn't be worried too much about finding a title/settlement company, although you will need them later on if the deal goes through. In some states, the RE attorney does the closing.
Start talking to an attorney about assignment, and find a buyer for the deal and you should be in good shape. Sometimes the buyers want to choose their own vendor for the settlement too.
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As Michael said the numbers are not adding up, so check those again, so we can understand. Tammy
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with a FSBO you need to give the seller the $10 EM, and sign a purchase agreement.
Also, your numbers are not right; the purchase price is $62,600, the EM is $10, and the amount due at closing is $62,590. (the $10 is deducted from the purchase price)
Wishing you success,
Valerie
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