How do you put-together a Wholesale Contract (Assignment of Contract)? I have several contingencies (subject-to), exit clauses, etc. to be placed on the contract? However, I need to know the proper way to put one (contract) together. Of course I am going to use a Real Estate Attorney…
Will anyone be so kind to share???
With pen and paper,
No but really, You will have two contracts. One is the purchase agreement you wrote and signed with the seller. The other a one page assignment of contract, contract.
Your new name is vvg007 and or assigns. You now can sell/assign your contract. All details would depend on Your deal and the sellers needs. So Not much I can help with not knowing the deal.
Hope this helps, Darin
“several contingency clauses” concerns me. You only need one. “Subject to bids and inspections.” You start throwing in the kitchen sink and you start to raise eyebrows with your seller.
This one page assigment of contract that you speak of…what exactly is included in this? And GodWnz, this can be just written with pen and paper, no specific format?
thanks, gregg
Hello Gre double g, PM me and I will send a copy !
D.
Thanks Darin,
I dont know how i missed this post before…just sent you a PM
Question… Ok I understand that there are two contracts - one purchase contract with the seller that is assignable and then an assignment agreement that is made between myself and the buyer.
Now the purchase contract that is created with the seller does not go into escrow correct? The Assignment agreement and “new” Purchase agreement with the buyer and seller go into escrow.
I have two agreements entitled Assignment of Contract. One seeming to be for the seller and the other being to the buyer. SOmeone please shed some light into my brain. Thanks,
Good Morning Varian,
2 contracts, yes. Your Purchase agreement does go to escrow the day you agree to purchase the property. That is how I do it. When escrow is open the title search is done showing you and your new buyer that you have an acceptable property to sell. At this point you see/find any title problems and have them solved for your buyer.
You could pass on opening escrow but run the risk of your buyer finding title problems and having trouble closing on the contract and causing youi grief.
I prefer the no grief program.I turn in all the contracts as I get them. My new buyer signs the assignment in escrow when he also closes on the contract he bought from me. I don’t know what contracts you have on assignments so I can’t really comment on those…
Darin