and/or assigns clause on sales contract??

Bird Dogs, Wholesaling
1

Hi…Lana here,
I have a query on the and/or assigns clause that my partner
and I have differences on.
Upon entering into a contract with owner(pre-foreclosure)
we put our names as the buyers, and/or assigns…with
the right to assign the contract to rehabber.(this is a
wholesale flip)
If we cannot find a rehabber at close, can we assign the
contract back to ourselves, or do we terminate contract,
and execute a new contract to be the rehabber?
I am under the impression as a wholesaler, you state
to wholesale & assign the property to a rehabber &
get an assignment fee.
My partner says I am wrong, that if we are on the
contract to begin with that, we assign it automatically
to ourselves if we cannot find a rehabber.

Just a query…we do have an appointment set up
with a foreclosure attorney. We are in Los Angeles.

If any thoughts…please let me know .

Thanks …any insight is appreciated. LAna

2

Hi Lana,

If your contract says “and or assigns” that means you can assign it or take it to closing yourself. If you find an end buyer then fill out an assignment of contract, if not go to close with the original.

John

3

I’m curious to know if the foreclosure attorney will accept a contract that has “and/or assigns” on it. Sometimes they feel like you are not a serious buyer by doing so. Let me know how this works out!

  • Joe