Assignments & Double Closings

With an Assignment you give up all your power. You give up most of your rights.  You also connect your Seller and End Buyer.  Once you assign the contract, your Buyer (Assignee) has all the authority to close, fund, amend the contract, or even re-negotiate the sales price.  If they are in default - you just can't find another Buyer - you don't have a contract any more. 

The first thing you need to check is whether or not you even have the legal right to assign the contract. Do you? Are assignments prohibited?  If they aren't and you assigned your contract - have some PROFESSIONAL COURTESY and tell your Seller who they have a legally binding contract with.  IF you assigned the contract, you aren't keeping anything secret anymore. 

YES.  How can they be obligated to follow the terms without knowing what they are?  If you have a problem with that - don't assign the contract!!! 

Sometimes.   Most of the time you won't need to.  But if your End Buyer (BC) has a lender and that lender is delaying things ... what are you going to tell them the reason is for not closing on time?  What are you wanting the closing attorney to say when your Seller/Seller's Agent thinks you are buying with cash? 

If you assign your contract, your BUYER will know your assignment fee. That is your profit. There is no way around this. If you double close - you keep your finances separate and private.