i’m meeting with a guy to put my first property under contract tomorrow. I’m desperate to figure out how to assign contracts though! I’m familiar with the purchase contract, but what do i do when i assign it to a rehaber? Am i supposed to use another contract for them? If so What kind and where do i get it? PLEASE HELP. I’M LOST. AND I’M SIGNING A CONTRACT TOMORROW!!!
Helloooooow??? :help
There are three ways to do it:
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put as a buyer: your name AND/OR Assigns
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Put it in a land trust with you as a trustee then when you assign it, give the benefitial interest to the buyer with your wholesale fee in the form of trustee fee
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have an addendum that states the contract is assignable and get it signed by the seller. The form could state who it is assigned to, the assignment fee…etc left blank till you find someone to assign it to.
I use the 3rd method on all my contracts, but I haven’t really assigned anything. I like to keep them.