Option To Purchase W/Assignment Clause
Hi all,
I have what I believe is a very good lead. I was originally trying to sell the lead, but no response. I decided to just go for what I know and try to get the property under contract. This would be my first time attempting a flip, so I need much help. The owner has invited me to an open house on tomorrow, so an offer depends on acquiring some additional information and seeing it for myself. I have an offer to purchase, as well as an assignment agreement. Do I need both, or can I just include an assignment clause in the option to purchase?
It would be easiest to have an assignment clause in your purchase agreement. That way you could use one contract and assign the great deal you lock up to anyone you choose. Keep in mind that if you are going to assign the deal you must make it favorable for the assignee after you take a cut. Good luck.
I use this simple phrase in all my offers to purchase:
"This Agreement shall be binding on and insure the benefit of the heirs, executors, administrators, assigns and successors in interest of the respective parties."
I belive this puts in what you need but also doesn't shout to the seller that you will be assigning his purchase agreement.
Thanks guys,
.
I am new at this so bear with me
Is it easier to do an option to purchase than a purchase offer. I was going by what I've read, but the option to purchase would mean payments until it is assigned; is that correct? If so, that is not what I want to do. I simply want to get the property under contract, and turn it over to another investor ASAP. So am I in the wrong forum?[ Edited by ojedra on Date 06/05/2004 ]
So, if you use just the OFFER TO PURCHASE, and then an ASSIGNMENT OF CONTRACT, is that all you have to take to closing? No sales contract is required if you have third party buyer lined up?
Thanks,
Kyle
I had no idea of the extent of the complaints against this man and company. Thank you so much for all your feedback.
I thought perhaps it was just a mixup with my order, but after the same problem occurred on 3 orders in a row, I started having misgivings.
Why are you impersonating Ron Starr? We all know who he is and you are not him.
It sounds like your magazine got lost in the mail and you complained about it. The guy extended your subscription and promised to send you another one when he had them. You then harrass him over a magazine. You sound not only unreasonable but unbalanced.
I recently found planetfeedback to be an excellent place to post up scammers. Oh and ripoffreport is a good one too.
I cant stand to see good people getting ripped off by scammers.
However, this situation isnt really clear to me yet. I can make an assumption that the guy is a wannabe guru who doesent have the capital to be as big as he would like, and is routinely mismanaging the money that he generates from his operation. From what I have gathered I would further assume that he doesent intend on scamming people, as much as he just isnt good at fulfilling his promises due to poor business management.
I could be wrong though, he could be setting out to take money for things that he very well knows he cant deliver. If so, then hes a scammer and should be punished.
Either way, I would like to thank the OP for the heads up.
For those who have an interest in this topic, you would do well to take a look at the following thread, especially toward the end;
http://www.thecreativeinvestor.com/commercial/ViewTopic46676-26-38.html
As of Sept 10th, I have not yet received a copy of the Real Estated Investor Magazine which was promised to ship no later than August 31st.
Has anyone yet received their copy of the magazine?
There is no mention of the magazine shipping in the Investing in Land Newsletter on Yahoo.
I could not have said it better !
very well put Lazyinvestor