Contract Problem

I don't think so, but I may be wrong. That clause allows you to assign it, from my understanding. Removing it would get rid of that option.

If the contract doesn't say and/or assigns and there isn't an addendum for an assignment, you cannot assign it. You could still do a double close, but you better have your buyer locked up. I'm hoping you did not yet sign this contract. I would insist on the and/or assigns or find another deal.

No I haven't signed it

No I haven't signed it

I never put and/or assignee after my name in the buyers name area.
My contracts simply state on line 6 the following:
6. This contract is assignable.
That is all any contract has to state. When working with a realtor, their contracts will have a line that states this contract is or is not assignable.
And/or assignee on a non assignable contract is meaningless.
And/or assignee on a assignable contract is unnecessary.

I always tell my sellers what line 6 means and for them not to worry. I am doing this to make a profit. Either I will keep the house myself or I may assign the contract to one of my buyers. Either way, they will get the agreed a pone amount at closing. Full disclosure up front! I never represent myself as having no money and no capability to close myself however!! I have my buyers lined up in advance or my money if I am doing the flip so that I do not ABUSE the seller by not PRODUCING and I WILL close one way or the other!
Don't get a property under contract and then run around trying to assign it when you are not ready, you have no idea what a real deal is (one that a buyer will take) then give it back to the seller after wasting his/her time. BROKEN promises!
I see this happening with individual sellers and REOs all the time. It ruins the reputation of ALL investors. It is no wonder banks don't like working with investors! They also know all the old school tricks, they have seen "subject to my partners approval" a million times (along with all the other weasel clauses) and they know whats up! So do realtors.

I am sure you have everything lined up yourself on this deal and I hope it goes through for you!

Good luck and congratulations! You are taking action,

I think all investors need to put themselves in the shoes of the seller. If you want to have a reputation in the community as the "go to" person, you need to start with a high level of integrity to set yourself apart from the non-performers. As Michael said above, gatekeepers (Realtors, bankers, lawyers,etc.) have seen every weasel clause imaginable and it is a red flag for them unless the period of time is short (with partner's approval within 3 days, for example).

To be blunt, the reason that so many deals aren't getting done by new investors is that there are so many of them from all the different gurus and 75% of the new investors do the minimum amount of work to get a property and are not prepared to see the transaction through. This nonsense ruins it for investors that follow because sellers remember the failed deal.

So, if you want to close a deal, don't fly by the seat of your pants as you need to have to show the confidence of doing the deal correctly.

Also, LawrenceG, don't sign a contract without the assign clause as it takes away your flexibility.....unless you are actually buying the home for yourself or can be assured that you can do a double close.

(PS - For a historical perspective, when I was starting out, I did fly by the seat of my pants, however, that was in the 80s before internet and before everybody thought they could be a real estate investor. In today's world, there is such a flood of real estate investors that you need to set yourself apart by being beyond reproach. If you are not able to do that, reflect upon your direction to see if you are really just spinning your wheels.)

I appreciate the help guys..I'm going to call the owner today so I can explain.