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June 19, 2021, 04:21:46 am
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Author Topic: I need help with Assigning a contract  (Read 2631 times)

Offline zell24

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I need help with Assigning a contract
« on: April 02, 2009, 11:39:09 pm »
If I wanted to assign my contract to another investor, do it matter that the property is held in a LLC? And would my Realtor have this form, or do we just use another sales agreement?

Offline Mr Investor

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Re: I need help with Assigning a contract
« Reply #1 on: April 03, 2009, 12:00:40 am »
No it doesn't matter you can sign it in your name or if you do have an LLC in the LLC name.

You can use the Realtor's PSA,one from a lawyer or you can use one from your local RE commission site.

Offline Mizugori

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Re: I need help with Assigning a contract
« Reply #2 on: April 03, 2009, 08:35:12 am »
well, as for the contract it depends on your state I believe; some places require that a lawyer does your closing (not just a title company) so if that is the case you may want to have them write up your purchase agreement also.

lawyers will always think of something that never even occurred to you. for example, mine pointed out that if you don't explicitly list in your contract the fixtures that you want to stay in the house, the seller can legally remove them (we're talking stuff like fireplaces, countertops, chandeliers, garbage disposal systems... things you wouldn't think anyone would go through the effort to remove but you will be amazed what people will do to screw you over and make a few extra pennies for themselves)

Offline lecat

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Re: I need help with Assigning a contract
« Reply #3 on: April 03, 2009, 02:00:26 pm »
You can assign your contract even if it is your LLC.  Just type a simple form with 'Assignment of Real Estate Contact' as the heading. In the form, just type your name as Assignor, the contract date, the original sales contract between your LLC & the seller's name, and the property address.
State in the form that you 'hereby assign all contract rights to (name) as Assignee in exchange for payment of $...'.   State that assignee agrees to fulfill all terms of the contract and abide by the conditions and time periods therein. Also state, that assignor will not be held responsible for the performance of the assignee, or anything else in connection with the property. At the bottom have a place for your signature as assignor and the assignee's signature. Check with your attorney if you need a notary and/or witness in your state.

 




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