Hi, I'm evany Caldwell with Rei investment society. And because we are doing virtual real estate wholesaling in 30 days, one of the most important part of this curriculum course is to understand an assignment. What is an assignment agreement? What is an assignment contract. So right here, I'm going to go ahead and review and agreement to assign contract for sale and purchase. At the very top, you're going to go ahead and put the subject property address so 123 marking bar line, you want to go ahead and put that in there.

Then you're going to go ahead and put the legal description for the legal description, you can actually put c title this agreement is made between Who is this agreement made between this agreement is going to be made between Abdi called what Because I am going to be the assignor and then the assignee is going to be average that in buyer was so my end buyer their name they aren't going to be the assignee. On this particular contract, the sellers name is not going to be on here anywhere only me. The wholesaler which I am the Assign or and the assignee name which is the end buyer, and they are going to purchase in reference the subject property up up, which is 123, Mockingbird lane. I get the most beautiful writing there is. So the subject property is going to be here. Remember I said see title.

Or if it's not see title mean whatever the title commandment is the legal description, you could put the pin number which is a property identification number, so you can put that on there. So where is the buyer, right, the buyer is going to be the actual assignee has entered into a purchase agreement with the seller which is the sellers name. Okay, so now for assignee and which is number one assignee. She'll pay a signer another refundable assignment fee of $10,000. That $10,000 is basically the fee that we discussed previously in the previous videos. And again, the property was $50,000.

You're going to sell it to the end buyer for $60,000 and your assignment fee. is going to be $10,000. And then where it says zero at closing. So here's how this works. You got two options. This can be zero, and then this could be $10,000.

At closing. A lot of times I never collect money upfront, but the non refundable is what you want to go ahead and put that earnest money. So the earnest money is going to be that thousand dollars because remember, as I originally discussed, under no circumstances should you be coming out of your pocket, giving anybody earnest money out of your pocket. The earnest money that you are going to give is going to be the earnest money specifically for the actual seller. For the seller from the actual end buyers, that's the money that you are going to go ahead and use for this product. Now, we're going to go back to assignees.

Inspection periods shall expire upon execution of this assignment, meaning, remember, you are the Assign nor the assignee. They don't really have the rightfulness inspection period unless you give it to them. But that affection period was generally done around the time your inspection period was done. assignee acknowledges receipt, illegible copies of the original contract for purchase. So all of this is just standard stuff right here the disclosure assignment affiliate associates make no warranties express or implied regarding inspection reports, or other reports provided to assignee by signer which is the contract of scope of work and the comparative market analysis. So agreed and accept the OSI Remember, who is the assignee evany Caldwell, the whole seller is the assignee.

My name. If I have a partner assign or is going to be the end buyer, if they have a partner, their information is going to go here. So again, this is how you pretty much write a contract agreement for an assignment. The subject property's address your legal description is going to be the title or the pin number, which is the property identification number. This agreement is going to be made between the Assign or and then which is your actual end buyer, the assignee is actually going to be, I'm sorry, the Assign or is going to be mean which is the actual wholesaler the assignee is going to be the actual In buyer which is C as we originally discussed, whereas the buyer has entered into a purchase property with the seller which we already know that is the person a. For number one, the assignor is going to pay a non refundable assignment fee of $1,000, which is the earnest money payable and then $10,000 with signing up a contract.

I'm only using 10,000, as I originally indicated is because the original purchase price of the property that we were using was $50,000. The, from the seller and then me the wholesaler is going to sell the property to the end buyer for 60,000, which leaving a difference between $10,000 so that's going to be the fee right there. Again at the bottom left hand corner assignee, I'm going to go ahead and sign If I have a partner that I'm doing this with, they're going to go ahead and assign the Assign or is going to be like originally indicated the end buyer, the investor who's going to buy this property, them and their partner if they have one. So I hope this actually helps you get a better understanding of how to protect yourself and how to make sure you make your money at the closing table. I'm evany Caldwell with Rei investment society and good luck wholesaling and assigning contracts.