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Author Topic: question regarding assignments  (Read 3498 times)

Offline znichols

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question regarding assignments
« on: September 26, 2007, 10:36:31 pm »
I'm new here and to the business and I've had great responses in my other post.  Thanks to everyone!  My new question is where would I be able to find assignment documents?  Is this something I can find with a local realtor, is there a general form floating around online somewhere, or is it a state specific form?  Again, we're new to the business, so we've just started to meet people, and will be attending our first REIC meeting here very soon.  Would someone at this meeting possibly be able to point me in the right direction?  If I understand correctly, to wholesale, you put a contract on a house with assignment provisions and other CYA clauses, and then present the deal to a prearranged list of buyers.  It almost sounds too simple.  If there's anyone out there that's willing to help me understand it in a little more depth, it'd be greatly appreciated.  Thank you in advance!

Zachary Nichols
« Last Edit: September 30, 2007, 02:23:31 pm by Mdhaas »

Offline BLL

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Re: question regarding assignments
« Reply #1 on: September 27, 2007, 11:02:24 am »
I just sign the contacts with "and assigns" after my name.

Offline znichols

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Re: question regarding assignments
« Reply #2 on: September 27, 2007, 11:07:21 am »
Is it really as simple as that?

Zach
« Last Edit: September 30, 2007, 02:23:46 pm by Mdhaas »

Offline Salverston

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Re: question regarding assignments
« Reply #3 on: September 27, 2007, 04:02:16 pm »
ACtually, not the signature - the place to put it is on the buyer's name line:

"Sally Seller agrees to sell to Bobby Buyer and/or his assigns"

And yes, it is that simple.

Then when you find a buyer to wholesale it to you just do an assignment agreement.

Offline LuckyBuysYuckyHouses

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Re: question regarding assignments
« Reply #4 on: September 30, 2007, 01:35:11 pm »
We use the 4 page standard far bar contract. On the second page it has a box you can check,

___ Assignable and released from all liability

We get the forms through Alta Star Forms, I think its 75.00 per year or something. We are not licensed realtors either.

Then you can make up your own Assignment form that you sign with your new buyer. Something to the effect of:
Purchase and sale dated, with seller, buyer (you) now assigning to ____ for assignment fee of, to close onů And state that the assignment fee is non-refundable. You also say you are accepting 1-3K dn. As part of the assignment fee, this is also non-refundable.

You can get one from an investor in your community, just ask around. Your buyer will probably already have one, but it will be worded to protect him, so you will need to change it some.

Hope that helps!
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Offline znichols

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Re: question regarding assignments
« Reply #5 on: October 02, 2007, 09:31:46 am »
Thank you all so much for your feedback!  I welcome any more advice on this subject.  I'm just trying to weigh my options between assignments and/or double closings.

Offline RMP

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Re: question regarding assignments
« Reply #6 on: October 07, 2007, 04:23:56 pm »
I have never done so, but have read that you just put "and/or assigns" where you put your name.
There is then a form you can fill out  to assign it to another buyer.  I found all my real estate forms free on-line by googling for them.

 




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