What Is Contract Assignment & Double Closing?

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What Is Contract Assignment & Double Closing?

On the day of closing, C brings the funds for the P&S to pay A ($100K) to the title company. First, because C is bringing separate funds for the assignment fee to closing, all parties know the assignment fee amount. Closing 1: B is the buyer and will need to bring the $100K that was agreed upon in the executed P&S with A plus any closing costs. Closing 2: now that B has taken title in closing 1, C can now buy the property from B at the agreed upon price of $110K and pay any closing costs. Now the downsides here are that as the wholesaler you still need to pay the closing costs for the first closing.

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