When assigning a sales contract to the end buyer
Question. When assigning a sales contract to the end buyer, what is the correct way to word an addendum to protect myself so that I will be paid and also so that I will not be misrepresenting myself as a real estate agent I have heard that when this is not correctly worded, you can run into trouble acting as a Realtor. Thanks for your help!
You should read the previous posts because somewhere it will answer your question. Next time you can do a search through the forums. You can read this in depth answer from taxjunkie in the post called Assignment of Agreement.
Tanya
Thanks Tanya,
Do you use the same contract, or write up two different contacts? One between the seller and I and the end buyer and myself?
thanks
Mark
You should only need one contract and an assignment of contract form. On the contract, as the buyer, you should write:
(your name) and/or assigns
I suggest you read up more on the topic because you may get yourself in more trouble than you think.
Tanya
hey Tanya,
Thanks fop your help. What area would you suggest that I should read to educate myself more on Assignment of Agreement. I read all that info that tax man said.
This is a contact that someone said I should use. I just did not see an area where to add my fee in. Do you know of some sites that give filled out contracts as examples?
Just to let you know, I am a real estate banker and I have a nitch.If you ever have an end buyer with very bad credit- I mean even below a credit score 500, yet they have 5% down, I can do the mortgage loan. and we don't care where that 5% comes from and the funds do not need to be season.
Thanks
Mark Monroe
It's good to know that, I e-mail'ed you back the response.