This is the only assignment contract I could find. I think it’s lacking a few things. What do yall think and what would be a few good clauses to add.
(Assignment of Contract Addendum)
The following addendum is made a part of the original Contract for Purchase and
Sale dated ______________ between the Buyer_______________________
and Seller_______________________ for the property located at
- This contract is fully assignable and upon assignment, buyer is released of
all liability as it pertains to this contract. Buyer may determine the fee to
- Buyer has a right to inspect within 45 days of effective date. Inspection
must be acceptable by buyer. Upon inspection, buyer will state in writing
whether they choose to cancel or proceed based on the findings.
- This contract is contingent upon buyer’s attorney reviewing all documents
related to the sale of this property since buyer isn’t familiar with this States
contract and laws and since buyer is not represented by a buyer’s agent.
- Closing Costs to be per standard contract for this state.
Buyer and Seller signatures/date
Looks ok. However your best bet may be an option. It allows the transfer of title to go direct from the seller to buyer while ensuring that you get paid. PM me l and I’ll send an example to you.
thank you for the comments! What escape clauses should I have?
contingent on seller having clear title
15 day inspection period
assuming all is good with the title and inspection and my buyer backs out are their any consequences besides losing what earnest money i put up
not if you act in accordance with the terms you put in the agreement.
It sure is. The assignment fee is no where on the contract.
Who wants to help a newbie?
I’m new to the real estate world, and I’m trying to see if anyone can explain what questions you can ask the seller to help you sign the sellers property over to an investors. Any help would be greatly appreciated.
As a newbie, you need to read the forum rules. What you just posted on this thread has nothing to do with this thread. You posted the same basic question on the Just Starting Out thread. If you don’t get an anser to your question, be patient. Don’t post the same basic question everywhere.
- get the house under contract between you and seller for a low price. give yourself 45 days to close, with $10 as the earnest money, and a 20 day inspection period
- find a buyer that is willing to buy the house for at least $5,000 more than the price that the seller agreed to accept from you
- show the house to the buyer and get them to sign a contract with them as the buyer and the owner as the seller for at least $5,000 higher than the seller agreed to accept from you
- add this clause in the contract, 'offer contingent on seller obtaining a release agreement with prior seller, (your name). make sure you get copy of the buyers proof of funds letter plus a $500 earnest money check
- present new contract to seller with the last two items from #4 plus a statement signed by you and seller that states that you release each other from the prior agreement, and an invoice for your fee
- forward everything to closing attorney and walk thru the closing process
this allows you to get around the issue of dealing with assignments