Hey all,
I have an assignment agreement for a duplex that I want to get under contract. Do I also sign a standard offer to purchase along with my assignment letter? How are you folks doing this? Is there an easier way?
Nate-WI
How do you have an assignment agreement on a property that is not under contract?
Isn’t an assignment agreement a transferring of personal property (your contractual interest to buy at set price)? If you don’t have the property yet how could you have assigned it?
Here is what I have learned in the past 24 hours. I sign a standard offer to purchase with the seller to include me having the rights to assign the purchase agreement to someone else. I then bring in my end buyer and he or she wants to buy the property then I sign the assignment agreement with them. I control the deal, I set the closing date with my title company, etc.
Nate-WI
Why do you need to include assignability in the purchase contract? What requires that?
I want the seller to know my intentions that I can buy or assign the contract. Otherwise if they are not on board then why do the deal. Just avoiding headaches down the road.
Nate-WI
You could always explain it to them. I haven’t done a deal so this is arm-chair coaching at its finest, but wouldn’t it be better to tell them about the assignment verbally at the exact perfect time, as opposed to having it there once the contract is signed, leaving them in a position where they aren’t personally 100% sure that the contract is still binding and legit (sure, we’re telling them that, but they don’t believe 100%, not likely)