Posted by James_Ga on July 18, 2001 at 21:26:04:
Phil,
From the way I understand it unless a contract states that it is NOT ASSIGNABLE then it can be assigned.
The realtor contract I worked with in South Georgia was assignable if the other party agreed to do so. So rather than find out whether they would agree or not after the fact. I added a clause that stated I had the right to assign without approval. Is was never a sticking point.
James_Ga.
Steve Cook -Assigning with RE Agent’s contract - Posted by Phil (GA)
Posted by Phil (GA) on July 18, 2001 at 21:01:54:
Based on Chat Room Transcript - Steve Cook
( http://creonline.com/mm-46.html ), He suggests that he gets most his flip opportunities from RE agents.
Since I’m just starting out and have not yet had a chance to build relationships with RE agents yet, do you think a RE agent I may come across will allow me to use my own contract to buy a property?
BTW: My contract allows provision for assigning the contract.
If not how does one work around assigning a RE agent’s contract?
Thanks in advance!
Re: Steve Cook -Assigning with RE Agent’s contract - Posted by Phil (GA)
Posted by Phil (GA) on July 19, 2001 at 21:40:21:
Thanks guys! I appreciate your responses.
Phil(GA)
Re: Searching for steve cook in archives - Posted by M.garv(IL)
Posted by M.garv(IL) on July 19, 2001 at 07:18:35:
This is for Phil(GA) or anyone else that is searching the archives for Steve Cook. You get alot more info if you type in the name SCOOK85 then just typing in STEVE COOK.
hope this helps
M.garv(IL)
Re: Steve Cook -Assigning with RE Agent’s contract - Posted by SCook85
Posted by SCook85 on July 18, 2001 at 21:56:57:
Phil,
Let’s break this down and talk about a couple of things. First of all, you can use your own contract with a realtor. I have seen instances where realtors won’t accept them simply for liability reasons. They know that there own contracts are tried and tested and recognized by the state they work in and some prefer to use them, but they do not have to.
As far as the non-assignability clause goes. Most contracts that realtors use are going to have this clause. You can always cross the clause out and initial it and there is nothing wrong with that. The seller can accept your contract that way or leave it.
The last issue is the seller. If the seller is a private owner you can probably get away with crossing the clause out and no one will ever say a thing about it. If the seller is a bank, then your contract will probably get tossed. Banks are attaching separate addendums to all of their contracts now, and they have an additional non-assignability clause in their addendums that overrides anything else that your contract may have. I have posted ways to get around this on the site and I teach it in my course. I use LLC’s or land trusts to make my offers with. Then I assign my interest in the LLC rather then my interest in the contract to another party. As far as the seller is concerned, the Buyer never changes and they can’t do anything about it.
Steve