Assigning contracts/first right to purchase - Posted by Skypol

Real Estate Investing Real Estate Law
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Posted by JohnBoy on April 16, 2004 at 23:05:53:

You can tell him you are going to buy the property. I wouldn’t tell him I want to add “and/or assigns”. I would just add that after your name in the contract.

If he doesn’t object to that then once both of you sign the contract you just assign it to your friend. If you are getting any money from your friend you can collect it from him at the time you assign over your contract. Then your friend shows up at the closing to close on the sale.

If the Landlord has a problem with adding the and/or assigns, then just enter into a contract yourself. Then enter into a seperate contract to sell to your friend. Then set up to close both contracts at the same time. Your money will come from your friend to buy the property from you and you will use that money to buy from the Landlord. Any amount you get from your friend over the amount you have to pay the Landlord will go to you. Simple.

A title company can set this up for you or have an attorney handle it if need be.

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Assigning contracts/first right to purchase - Posted by Skypol

Posted by Skypol on April 15, 2004 at 15:51:59:

My landlord notified me that he wants to sell the appartment that I’m renting and I have 30 days to move out or purchase the property. I understand that I have a right to first refusal. I can’t afford that property myslef, but my friend is interested in buying the place. Can I tell my landlord that I would lilke to buy the property but in the contract add the words “and/or assign” and assign it to my friend? If so, when do I assign that contract? Do I need to put my friend’s name on the contract after “and/or assign” and can I finalize it during the settlement? Please help.