Has anyone ever assigned a Land Contract from one buyer to another?
I’d be doing this for someone, so whats the best way for me to get my fee? I figure the original property owner would have to give their approval. Any points I should know about to make sure its done legally?
Thanks, Herbster
Seems to me, that a straight Option to Purchase Real Estate with the owner will suffice. then just assign your Option for your fee.
I,m a newbie, but I believe this should work, if the owner goes along with you.
josyp2008
Check your land contract to see if it is expressly forbidden. If it says nothing about it in there than you should be able to assign it.
I would use an “assignment of contract”, or “assignment of beneficial interest” type document.
It sounds to me like you want to pass along the great terms you got in the land contract to the new buyer and charge them a fee for it.
I think the option to purchase would only be appropriate if the buyer were going to get new financing sometime in the near future, but not if the land contract were going to stay in place.
Actually I’m the middle man in this deal, like a Lease Option Assignment (co-op). Since I first posted this question I have learned how. I just have to finish re-writing my Assignment for Land Contracts and have my Lawyer check it out. Thank You, Herbster