OfflineI am working remotely in a new state that doesn't have the checkbox for assigning a contract and a contingency has to be put into place to make the assignment. I decided to use "and/or assigns" on top of my contingency to make sure that I am covered but I am having a problem and my agent has never used it before. Where is the proper placing for "and/or assigns"? I was told that if I am using my entity that I am supposed to put it following my entity name. The problem I am running into is that the only place my entity name exists on the contract is where it states the "printed names for deed". Is this correct? (PRINTED NAMES FOR DEED: My Company, LLC and/or Assigns (as "Buyer") and Owner of Record(as "Seller")) Or is it supposed to be placed by my personal name in the signature section? I was just going to eliminate it all together because I don't really need it but I figured I am going to need it sometime in the future so I might as well learn the proper placement right now. Any input would be greatly appreciated!
Robert J. Fahey
Solution Specialist
it goes right after your purchaser name, not your legal name. So if you are offering in your LLC, so abc LLC/and/or assigns. You don't have to put it everywhere else, just there, & that makes it assignable. okikokee
Tony
Go faster do more! GFDM!
I understand what you are saying but this contract is different than most. The only place it has my LLC's name is under a section that reads - PRINTED NAMES FOR DEED: abc LLC and/or Assigns (as "Buyer") and Owner of Record(as "Seller"). Then it has a separate section with buyer's printed name and Signature which is my personal name and signature. It seems right because the printed name for the deed would either be my LLC or whoever I assign but I've never seen it done this way before and wanted some clarification before I sign.
Robert J. Fahey
Solution Specialist
If you are buying in the name of your LLC, the LLC name goes EVERYWHERE where it says "Buyer". NOT your personal name. Then, when you sign at the bottom of the contract, you will sign "ABC LLC" and then right underneath that "by Robert J Fahey". That is the ONLY place that your personal name goes.
As Tony stated above, in the initial part of the contract where it is saying this contract is between "ABC LLC and/or assigns" (seller), is where you put the "and/or assigns". Only place it is needed.
Karen
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At the top of the purchase agreement it should start with a statement of the seller's name, the buyer's name and the address and tax id number of the property being purchased. You could simply place the buyer's name "and/or assigns" right there. That should satisfy those requirements.
I hear that making offers with and/0r assigns are no longer getting accepted. I have put that on the 4 offers I put in with 4 different RE agents in my area over the last year and none of them gave me a hard time about it. Hopefully I can still do that. I'm still trying to do my first wholesale deal.
I see I could put my LLC name on the contract and then sell the LLC with the property, but I have another property of mine in the LLC, so I'm not sure about selling the LLC?
Any advice would be appreciated.
You cannot assign a contract on a REO. You will have to do a double close on those types of properties. If your area is having trouble accepting that on the first page under the buyer's name, instead put the clause in the addendum.