ASSIGNING CONTRACTS

townsend2921 · June 1, 2009, 4:08pm

Some are saying I need a PSA and an Assignment Contract to assign without being obligated to buy.

What about the Offer to Purchase? Isn’t this contract used initially to make the offer? If I make an offer, could that be assigned before the PSA?

Thanks everyone!

Adrian

herbster · June 1, 2009, 5:17pm

Personally I’ve been using an Option to Purchase, then assign it or release it, and don’t bother with the P&S. Herbster

gregandandrea · June 2, 2009, 2:03am

I agree with Herbster. A good option to purchase contract should be what you are looking for. Unless it states otherwise in the contract or in your state law, all contracts to purchase can be assigned to another buyer.

Bay_Area_Brian · June 13, 2009, 4:59pm

Townsend

I don’t know what your thinking. In my area an offer to purchase is a purchase and sale agreement. Are you using the term to describe a proposal or letter of intent?

AnDinvstrs · June 13, 2009, 5:15pm

We use a PSA and put an escape clause of contract may be assigned in the other area of the contract and also with an escape clause of approval of inspection by partner.