OfflineFast question can't seem to find a solid answer everyone is beating around the bush on this question and it is a pretty simple question I think...
when writing in contingencies into a contract in the special provisions area:
I want to put a clause there saying I am allowed to assign the contract so that I don't have to put and/or assign next to my name. Not that it matters the deals I'm doing this with are fsbo (not bank owned) just personal preference, but not sure what to put there. What do some of you use if you do for the same reasons or other reasons?
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I am interested to hear what everyone has to say!
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You can simply put: This contract is assignable.
Karen
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Karen
Thank you! Now I don't have to feel silly (not sure why I just do) putting and/or assigns next to my name or company name.
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
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What I would suggest is if you are working with FSBOs, use your own contract instead of the cookie cutter ones. Then you can already have it printed as one of the clauses in the contract. That way it doesn't make the homeowner feel "Hmm, this is odd that he has handwritten it as an afterthought."
Ex:
3) da da da da, etc...
4) This contract is assignable.
5) da da da da da da...
Karen
"You're never too old to be what you were meant to be!"
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"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Well said. peace,
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Below is what I put in my contracts. Hope it helps...
ASSIGNMENT: During the contract period before closing, buyer has the right to show potential buyers the property, place a for sale sign and lock box on the property, advertise the property, and market and/or list the on the multiple listing service (MLS) to sell property with the intention of freely assigning this contract and reselling this property. Buyer and Seller agree that Buyer intends to resell this property. If Buyer does not find a third party buyer for the property, he has the right to cancel this contract.
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thanks for that kareng and freeindeed
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Angie
Some great suggestions here for you JCommons, I usually like to write the following:
-Buyer has the right to Assign the contract to a third party buyer. In the event the contract does not get assigned within 20 days after acceptance of contract, buyer has right to cancel this contract.
Or
- Buyer has the right to Assign this contract.
Hope that helps.
Shah
Ex:
3) da da da da, etc...
4) This contract is assignable.
5) da da da da da da...
Karen
Okay I'll look into getting my own contract made soon. I normally use the Texas real estate commission 1-4 family resale contract. I spent a lot of time and a bit of money with a lawyer to figure out the little loop holes/exit strategies to get me out of the contract without looking to shady. I was surprised there was a lot of ways just in the standard 1-4 family resale contract that brokers use for investors/buyers to get out of the deals and get all EM back! My only concern has been the assignment part. Thank you again for all the tips and info you have provided!
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
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Thank you for posting masseur07. Are you meaning when you say depending on my interest if like whether I have control over what contract used or not? I have heard if you are not doing a fsbo, but you are looking at a listed property (not bank owned) the agents might request you use their TREC contract I was speaking about above. That was the reason I focused on that one over having one of my own made first. I wanted to know how to exercise my rights no matter what contract I used. ^_^
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
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Thank you for posting! I love seeing so many people come to an agreeance on a topic. It makes the answers feel that much more solid and everyone feels so much better (myself included) using them!
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
http://www.deangraziosi.com/blogs/jcommons
ASSIGNMENT: During the contract period before closing, buyer has the right to show potential buyers the property, place a for sale sign and lock box on the property, advertise the property, and market and/or list the on the multiple listing service (MLS) to sell property with the intention of freely assigning this contract and reselling this property. Buyer and Seller agree that Buyer intends to resell this property. If Buyer does not find a third party buyer for the property, he has the right to cancel this contract.
Thank you freeindeed for posting! It is always nice to get feed back from such a very influential person. This is the clause you have put into your purchase contracts? Very nice, It will help me and I am quite sure many others in our future endeavors. Thx again!
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
http://www.deangraziosi.com/blogs/jcommons
-Buyer has the right to Assign the contract to a third party buyer. In the event the contract does not get assigned within 20 days after acceptance of contract, buyer has right to cancel this contract.
Or
- Buyer has the right to Assign this contract.
Hope that helps.
Shah
Thank you shah801 for posting! I appreciate the help in keeping it clear and to the point. The first part looks like a mix of an assignment and option period clause and the second just a clause for assignment. That could be useful. I'll be checking all these with my lawyer to what will work best in Texas when I have my own contract made.
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
http://www.deangraziosi.com/blogs/jcommons
For helping. I have made several offers but always used the bank's contract, which always has the clause that states "May not be sold within 90 days, or six mos," etc.
Am I able to submit my own contract to the REO bank with the 'this property is assignable' right along with my offer?
Thanks - Cindy
You can submit whatever you want. 99% of REOs are not assignable and they will not use your purchase contract anyway. Must go through a realtor using a board of realtors approved contract. (there contract, not yours)to offer on REOS.
Michael Mangham
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Am I able to submit my own contract to the REO bank with the 'this property is assignable' right along with my offer?
Thanks - Cindy
I would also suggest using the board of realtors contract that the real estate agent provides. Then if you want to assign it find a title company willing to do simultaneous closing (double closing) and you will need flash cash/hard money loan to do this for reo's in order to accomplish this most laws prevent you from using the end buyers money. They want you to bring your own funds to the table even if it is for only a few minutes or hours.
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
Follow me on my Journal:
http://www.deangraziosi.com/blogs/jcommons