Assignment Question

You will not do another purchase and sales contract with the end buyers. You just need to do an assignment contract with them. This assigns the original contract to the end buyer and they have to follow through with the original contract. You can find an assignment contract on this site in the forms and docs tab.

Agreed. After you have the house under contract, you will introduce your buyer(s) to the property. If they like it and want to buy it at a price marked up by your profit, you make an assignment. What you are doing is selling your interest in that contract to the buyer. So, no you don't need another purchase contract, just the assignment of contract.

Good luck, if you need further explanation, shoot me a note.

Just make sure your original Real Estate Purchase Contract has an assignment notation after your name. Put you name and then "and/or assigns". This gives notice to the buyer that you may assign it to someone else. The seller doesn't need to know that you are assigning your interest in the contract after doing this.

Your buyer will take all of your rights and obligations of your contract once they have signed the assignment contract. You will take the assignment contract to escrow and let them know of the assignment. This puts them on notice that there is a new buyer and that you are to be paid at the close of escrow.