Posted by JHyre in Ohio on May 23, 2002 at 15:10:48:
I’m not familiar with MI law specifically, but assigning contracts is a fairly standard thing. If the contracts specifcally permit it, I do not see the problem. If the option is recorded, the owner should not end up with sales proceeds beyond the option price- if that happens, I’d sue the title company. If the option is not recorded (often the case), it’s on you to learn of a sale and inform the title company.
John Hyre
Selling Contracts - Posted by Dale
Posted by Dale on May 22, 2002 at 12:15:39:
If we sign a lease/option with the owner of a property and the contract allows us to sell or assign the contract, instead of signing another lease/option with a Lessee is their any legal problems if we simply sell our contract we have with the owner and be done with the deal. We have had just to many problems with Lessee’s. Trying to collect lease payments and trying to get them financed when the option is due. We have been told over and over that what we are doing in not legal. When Lessee’s go to get financing many company’s use out of state title company’s and what happens is the owner winds up with our money. Would we need any kind of licence to just sell our contracts? We are in Michigan.
Thank You