Hello Folks,
I have a deal on the table with a probate lawyer which makes me shake in my shoes for some reason!! My aprehension is…what if my buyer backs out of the deal when it’s time to go to the title co. and purchase the property? Will I still be liable to purchase even though I assigned the contract to him?
Any advice would be appreciated as this is my first deal with a probate lawyer and I don’t want to screw this up. Mostly because it could lead to future business. Plus I don’t want to get sued!! :shocked
when you assign a contract you are assigning all obligations and time lines of the contract to another person. Which means that you are completely off the hook as long as you covered yourself well on your contracts.
Essentially once a contract is assigned it is as if you never existed as far as contractual obligations are concerned.
Not from experience, but just from a common sense point of view…
If the person you assigned the contract to backs out, you may not be legally at fault but I’m sure the Probate attorney will not look at you as favorably. I doubt he’d refer any future deals to you.
my 2c
very few sellers are going to sue you if you or one of your assignees backs out of the deal. It’s really not worth the time or effort to do that. To Protect your self just make sure that you place a clause in all your contracts that says that if you or the assignee is unable to perform (buy) then the earnest money is all that the seller is due as compensation.
As for this one, I would need to know what the wording is on your contract is. send me a PM to discuss off line