okay i listened to an audio by vera or vena jones, where she says that if a purchase agreement doesn’t specifically prohibit assigning, you are free to assign.
then, in an article by bronchik from this site, he says to write “and/or assigns” after your name to make it assignable.
who’s right?
as long as state laws dont prohibit it in your state and as long as the contract does not say not assignable then it is assignable even if it doesnt say anything about it in the contract
then why does bronchik specifically say you need to pen it in after your name?
can you not assign it if you don’t write that?
we do assignment contracts in the state of texas no problems at all…we have it also as and or assigned on the contract of sale.
We also have a seperate “assignment” contract that we get our investors to sign for we are actually assigning the contract over to them.
The assignment contract also includes our assignment fee on the deal…all fully disclosed.
The origional signed contract and the assignment contract go to the tittle company and the property then gets officially purchased under the name of the client who is on the assignment contract.
great thanks a lot. i wonder what would happen if you tried assigning a contract without writing that? does that totally bar you from assigning it? or is it just ‘polite’ to do it up front like that? i’ve never wholesaled and feel like some people may have problems understanding why i’m writing that. what do you say to objections over that?
jdeity,
you can still assign it even if you dont have it in the contract.
You just wont be able to use the same contract to assign it over though.
In that situation, what you would do is simply create your own “assignment contract”
with your assignment fee included.
This way, both the origional contract you signed and the assignment contract goes into tittle together and the property is purchased in the assigners name. Fairly simple really.
send ,me an e-mail and i’ll be happy to forward you a sample copy of one of my assignment contracts that I use to give you an idea.
As for having and or assigned included on the initial contract, I have never experienced any issues and because people know upfront that I have an investment business they know that most of the properties I buy are being onsold to investors anyway.
Regards
Chad
Nothing bad will happen. as long as the contract doesn’t specifically say it’s unassignable then you can assign it.