In the REI meeting that I went to....one of the speakers presented us with a Purchase agreement of his own that had some interesting twists in terminology. We have all heard that Banks don't want anything to do with an assignment clause, and This gentleman has a solution for some of us.
Instead of including the term "and or assigns" after your name. Include a CLOSING provisions item in your contract. The one used in His contract HAS BEEN looked at by an Attorney several times with NO issues being brought up here in Oregon. KEY PHRASE IS IN CAPS.
"Closing will be held on or about ________ at a time and place designated by buyer. Buyer shall choose the escrow, title and/or closing agent. Seller agrees to convey title by ______ Deed or other customary instrument of transfer. EXACT VESTING OF TITLE TO BE DETERMINED AT CLOSING. Closing costs shall be divided as follows. Seller to pay owners title policy. Seller to pay on half of escrow fee. Buyer to pay all other closing costs."
Remember....the phrase above is NOT capitalized in the final form. The Investor that shared this discovered the phrase from another investor, and He actually purchased a REO using the terminology, and it was either OVERLOOKED or misunderstood by the Banker.
In My state....it isn't necessary to insert any assignment provisions....State law says that ALL CONTRACTS ARE ASSIGNABLE. Anyway Hope that phrase helps someone....
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BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
In the REI meeting that I went to....one of the speakers presented us with a Purchase agreement of his own that had some interesting twists in terminology. We have all heard that Banks don't want anything to do with an assignment clause, and This gentleman has a solution for some of us.
Instead of including the term "and or assigns" after your name. Include a CLOSING provisions item in your contract. The one used in His contract HAS BEEN looked at by an Attorney several times with NO issues being brought up here in Oregon. KEY PHRASE IS IN CAPS.
"Closing will be held on or about ________ at a time and place designated by buyer. Buyer shall choose the escrow, title and/or closing agent. Seller agrees to convey title by ______ Deed or other customary instrument of transfer. EXACT VESTING OF TITLE TO BE DETERMINED AT CLOSING. Closing costs shall be divided as follows. Seller to pay owners title policy. Seller to pay on half of escrow fee. Buyer to pay all other closing costs."
Remember....the phrase above is NOT capitalized in the final form. The Investor that shared this discovered the phrase from another investor, and He actually purchased a REO using the terminology, and it was either OVERLOOKED or misunderstood by the Banker.
In My state....it isn't necessary to insert any assignment provisions....State law says that ALL CONTRACTS ARE ASSIGNABLE. Anyway Hope that phrase helps someone....
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.