Posted by Kent C on June 05, 2002 at 01:52:05:
I look at it this way. If a contract does not specifically say it is non assignable, than it is an asset issue. The contract is an asset you own. And of course you can transfer your rights to any asset you own via quit claim (or a specific form used in lieu of). I would challenge any court to try to disallow me the right to dispose of my personal assets in a manner reasonable.
I have not seen the language any specific state uses to NOT allow this kind of transference. What grounds do they state to disallow?
assignable contract if no mention? - Posted by JA - MIA
Posted by JA - MIA on June 04, 2002 at 14:04:01:
i am the buyer (investor). if i receive a purchase contract from seller or seller’s agent with NO mention of assignment, am i allowed to assign my contract to a potential new buyer? is there an implication that the contract is not assignable unless stated that IT IS?
Re: assignable contract if no mention? - Posted by Jim FL
Posted by Jim FL on June 04, 2002 at 14:11:00:
This would be a state specific issue.
In some states, the agreement must say that it is assignable, and in others, if the agreement says nothing regarding assignability, then it is assignable.
However, just to CYA, I prefer to have an assignment clause in my agreements whatever the law says.
I do this because my assignment clause not says I can assign, but it also says I am release from any liability once I assign it.
Of course I don’t rely on this, I also have the seller sign an acknowledge the assignment, as well as release me from liability on the assignment form itself.
Check with a local RE attny and ask them about assigning contracts in your state.