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Author Topic: Assignment  (Read 2269 times)

Offline eva

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Assignment
« on: February 19, 2005, 03:41:26 pm »
I am new to this.  A few months ago, I signed a contract on a condo yet to be built.  Purchase price is 160K and it should sell for around 200K by the time it is built - in a very hot market.  I thought at the time that I would just close the deal and put it back on the market immediately.  Now, I have learned about assignments and realize that I should have put it in my contract.  It is in escrow now and will probably not close until December.  Is there a way I can get an assignment put into this deal?  Do I ask the title company or go back to the developer?  The complex, of course, has been sold out for a long while now.  What about timing?  Should I wait to do this until before the close or do it now?

Thanki in advance for your advice.

Offline tedjr

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Re:Assignment
« Reply #1 on: February 19, 2005, 05:20:22 pm »
Howdy Eva:

Read your contract to see if there is a statement in it that says the contract is not assignable. Generally you may assign a contract unless it states that it is not assignable. I would discuss the assignment details with the title company before dealing with the developer. Most title companies have an assignment form that can be used to get your buyer signed up to close the deal in your stead

LOL
Ted P. Stokely Jr

San Antonio, Texas

 




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