Assign A Contract
if i have a property under contract, with an assignment clause, how do i assign a contract to another? is it a seperate form? do i only flip to wholesalers/rehabbers or investers, or can i flip to someone looking to buy a home.
you can sell it to anybody you like, you are the contract owner, when you find a buyer just give the title company both contracts.....your contract with the original owner with the assignability clause in it and the contract between you and your buyer.
would this be like a simutanous / double closing? and do the contracts need to be drawn up by a lawyer?
maybe i'm confused a little. the offer becomes a contract when it is accepted by both parties, correct?
Also,
are double closings legal in all states. I am in MA and am curious about advantages to this method over assigning. Thanks, Dave
If you assign it you will need a piece of paper called either a notice of assignment or memo of assignment spelling out who assigned what to who. Your title company or lawyer can help with this.
how does one make any money assigning a contract and when would one want to do this?
Jetts,
If you read my article about assigning contracts, it may clear up your questions a little.
Eric
[addsig]
Because of flipping problems in some states the US Attorneys in those states have told real estate lawyers and title companies not to do them. This is not in all states however