We buy homes and resell them on the same day. (a-b, b-c). Also known as a wholesale. We buy the property for $30,000 and then sell it for $40,000. We can not assign the contract so we need to double close.
Title companies cost a big chunk of money so we need to push that cost onto the end buyer as we do not need title insurance because we are not owning the property. So we need a title search so we can pass clean title on but we do not really care because the end buyer is the one that needs title insurance.
So we just need a good way to word the following so that it is very clear to all parties how the fees will be structured, even though some of them are for the a-b transaction. We need a good way to push them to the C buyer.
Here is what we have currently and I just need it reworded to make more sense:
7. Adjustments. The Buyer is responsible for paying at closing:
(a) Taxes, special tax districts, municipal water taxes and sewer taxes using the uniform fiscal year method;
(b) Title Insurance;
(c) All Closing Costs arising from the Title Agency;
(d) Fuel oil (using the stated capacity of the storage tank);
(e) Rents as and when collected;
(f) Rental securities plus interest due thereon as provided by law; and
(g) Utilities (for those utilities for which a separate meter reading and final billing cannot be obtained at closing based on the usage for the previous billing period).
If the closing shall occur before a new tax rate is fixed, the apportionment of taxes shall be upon the basis of the old tax rate for the preceding period applied to the latest assessed valuation. Special assessment liens shall be paid by the Buyer. Pending special assessment liens or special assessments that are pending but have not yet been fixed as to an amount shall be assumed by the Buyer.
Less than 30 hrs/week
Less than 1 month< 1 monthProject LengthDuration
I am looking for a mix of experience and value