Assignee concerns

I have a house under contract with a 94-year-old man. I have an investor interested in having the property flipped to him, but he’s concerned about losing the assignment fee if the old man dies before they complete the deal. Is there language to put in the assignment contract to deal with this? I’d prefer not to double close.

how long is it going to take to close it?

why not just put in the contract that the investor will get his money back if [put in any contingencies related to seller not performing…for any reason].


The seller wants until Dec. 1 to close so he can get out personal items. And putting a contingency for the seller not performing was basically my question, if I should do that or there’s an alternative.

i would say yes. if your buyer has concerns and will hang around, then it’s a good measure to take.

i would say that any assignment contract that i would sign must have a seller performance contingency. i mean, it just makes sense.

something like:
In the event that seller defaults on the contract hereby assigned, this assignment will be cancelled and assignee rights will be terminated.

the assignee is your buyer - he’s off the hook and the contract is basically null and void between you and the assignee. however, in your contract with the original seller - this could be a different story, depending on your ultimate strategy for purpose. would you still want the property or hold family to contract for sale? i’m not sure if this would involve probate? [as you can see i’m not a lawyer].