Is it true that realtors and banks do like the term “And/Or Assigns” on contracts? Why? And how do you get around it when contracting your property with your Handyman?
The question should read "Is it true that Realtors and banks [b]DO NOT[b]like and/or assigns, Sorry for the mistake.
I have been told that you add an addendum to the end of the contract that basically says your addendum overrides anything that may be in conflict and then you just say that this contract is assignable and whatever else you want to add.
Yes Banks and realtors do not like assignments and that is usually a good way to get your offer rejected.
It’s my understanding if contract does not say you can not assign it, than it is assignable. You do not need to add “and or assigns” just use your name or whatever. Most banks wont allow assignment anyway so you will probably have to do a simultaneous closing.
I theory, the Realtor is not the one who rejects your offer, it’s the Seller. If the Seller is truly motivated, then they don’t care, they just want it sold.
If they’re not motivated (i.e., the Realtor recommends that they reject the offer), then NEXT!
Banks on the other hand are a different story.