Posted by J. CA on July 18, 2001 at 08:56:12:
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Option Assignment, Escrowed Deed? - Posted by J. CA
Posted by J. CA on July 18, 2001 at 08:24:51:
This may be an obvious question, but I’m having trouble imagining the answer.
If I’ve got an L/O on a property and have escrowed the documents necessary for transfer and then I assign the option to the T/B, I assume the deed is executed with my name on it, ready for recording, but now the T/B is going to be closing. So what happens with that deed? Is another deed with the T/B’s name now needed, or can the deed be changed, or is the new owner field left blank? If a new deed is needed or the current one needs to be changed, what if the seller is unreachable?
Re: Option Assignment, Escrowed Deed? - Posted by JohnBoy
Posted by JohnBoy on July 18, 2001 at 08:44:11:
First of all, if the seller is unreachable then you wouldn’t want to assign your contracts to your tenant/buyer. You need to get a signed release of liability from the seller before assigning your contracts. At that time you can get the seller to just sign a new deed.
If you don’t get a signed release of liability the seller could still hold you liable on the contracts if your buyer ever defaulted, even though your contract may allow you to assign them.
I don’t know about you, but the last thing I want is to give up any control and rights to a property and remain liable to the seller for it!