Contract Assignment - Posted by Wm-Pa

Real Estate Investing
1

Posted by Chad (MD) on August 03, 2008 at 21:37:21:

From what you describe your contract is assignable, but don’t add anything to the original purchase contract. Instead, make a separate assignment contract with your buyer.

Something to the effect of …

________________ (Assignor) hereby assigns all rights to _____________________ (Assignee) the property described in the following contract:

for the sum of ____________________________.

2

Contract Assignment - Posted by Wm-Pa

Posted by Wm-Pa on August 03, 2008 at 20:09:31:

I have a property under contract. It is a simple Sales Agreement that states the price terms and was signed by me (the buyer) and the seller. I have found an investor and want to know can I simply put at the bottom of the agreement that I WM-PA hereby assign this contract to Mr Investor. I have a clause in the origonal contract that states “This contract IS assignable”.

Is it as easy as writing in the above clause?

Thanks

Wm-Pa

3

Re: Contract Assignment - Posted by Wm-PA

Posted by Wm-PA on August 04, 2008 at 15:52:10:

Chad & John,

Thanks for your replies. Both very helpful. I will be calling my Title Company, as they are VERY investor friendly. Again, thanks for the replies.

Wm-Pa

4

Question for your T/E co. - Posted by John Merchant

Posted by John Merchant on August 04, 2008 at 09:45:26:

A quick phone call to your title/escrow co. handling the deal would tell you how IT wants this done.

A little different probably from state to state so the call would get you off on right foot.