Help on assigning contract - Posted by Roger Williams

Posted by Jim IL on June 18, 2001 at 19:33:17:

Roger,
Yes, but it seems that whoever is on the agreement as the buyer needs to close first.
You can then just deed the place over to the LLC, or trust.
Unless you are trying to get the loan to buy it under the LLC or trust.
In which case, you need to close with whoever is listed on the agreement as the buyer from your seller, and then sell to your entity with the new financing.
This is called a “Simultaneous close”.

HTH,
Jim IL

Help on assigning contract - Posted by Roger Williams

Posted by Roger Williams on June 18, 2001 at 18:58:16:

I just made my first offer today on a 3/2 with a pool that needs rehabbing. The agent mentioned that it has been on the market for a while. The bank recently lowered the asking price to 30,900. When rehab is complete it should go for around 58-60k. I submitted an offer of 16,500 with the listing agent. The sales and purchase contract that I signed has a clause that says:
"Buyer may not assign this contract without Seller’s written consent. The terms “Buyer,” “Seller,” and “Boker” may be singular or plural. this Contract is binding on the heirs, administrators, executors, personal representatives and assigns (if permitted? of Buyer, Seller and Broker."
My question is this? If the offer is accepted, is it still possible to put the property into a trust or in a LLC at closing?