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And Or Assigns

Posted on: Sat, 08/13/2011 - 08:18
And Or Assigns

This for all of you who are wondering if it's ok or not to put "And/Or Assigns" on the Purchase Agreement after your name. I found a good article that explains why it's not ethical to put it after your name, rather than add it to the agreement somewhere.

Check out this article at: https://realestatepromo.com/Articles.aspx?ID=And-or-Assigns

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Posted on: Sat, 08/13/2011 - 08:36 #1
Great Best practices advice

Thanks for sharing this article. It sure gives me some concrete alternative options of what might be a more acceptable best practice. I did hear about banks rejecting offers with " and or Assigness" clauses but this gives you a clear explanation of the "why" and the "alternative options". For a newbie like me this surely helps. Thanks!

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Let's go investing at the speed of opportunity!
JM


Posted on: Sat, 08/13/2011 - 08:42 #2
It makes sense

And, it actually looks nicer on paper, if you add it in the contract the right way, giving it a more profesional look. When you go over the contract with the seller, you can explain it in a simple way for them to understand, too.

Jenage wrote:
Thanks for sharing this article. It sure gives me some concrete alternative options of what might be a more acceptable best practice. I did hear about banks rejecting offers with " and or Assigness" clauses but this gives you a clear explanation of the "why" and the "alternative options". For a newbie like me this surely helps. Thanks!


Posted on: Sat, 08/13/2011 - 08:48 #3
I wouldn't call it

I wouldn't call it "unethical" but the author is right about REO's being nonassignable. To solve that problem you just double/simultaneously close on it like he said. Good article, thanks!

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Dominic

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Posted on: Sat, 08/13/2011 - 09:16 #4
You're right

Ok, you got me on the unethical part. Or, Courtesy Close at YOUR title company... That would work, too. Thanks! Smiling

dominoafekt wrote:
I wouldn't call it "unethical" but the author is right about REO's being nonassignable. To solve that problem you just double/simultaneously close on it like he said. Good article, thanks!