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Author Topic: Help with making contract assignable  (Read 2163 times)

Offline Lannette

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Help with making contract assignable
« on: September 30, 2006, 02:09:13 am »
How do you make a purchase contract "assignable"?

Do you write in the contract that it's assignable. If so, what exactly do I write?

What is the differernce between a purchase contract and a option to purchase contract? I am figuring they are the same, but why would a person choose one over the other?

Do you need these contracts notorized?

What are weasel clauses? Can someone give me a for instance and tell me where these clauses would be on the contract?

Your help would greatly be appreciated.


Offline cherdwelth

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Re:Help with making contract assignable
« Reply #1 on: September 30, 2006, 10:19:31 am »
Hi - In your contract where your name is written in , add in the phrase "and assigns". That way you are able to assign the contracts to someone else.

I've never seen a purchase contract notorized.

An option to purchase is just that - you have so many days to use your option to purchase the property. Use it if you want to put a hold on the property without actually making an official offer.  Then use the purchase contract to make the offer.

Not sure what a weasel clause is - but it might be a clause that lets you "weasel" out of the deal should something come up during inspection that you don't like -- or weasel out of the deal no matter what.  Maybe someone else can explain.

Good luck.

Offline whitewater investments

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Re:Help with making contract assignable
« Reply #2 on: October 01, 2006, 03:39:43 pm »
weasel clauses are just its a clause put in the contract that will let you get out ...subject to partners approval would be one

 




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