And Or Assigns?
What is this i hear..First i hear in order to assing your contract your contract must say "and or assigns'" .
Then i hear you dont need "and or assigns" alongs your contract dont say it not assignable you are able to assign..Can someone set me straight on this one i would like to know the real deal...
thanks....
Buyer: Brenda Grossnickle, and or assigns
Means that this contract is still valid if someone else is in charge of your estate or affairs. Like when you die the contract will still be valid for the lawyer handling your estate. It does not mean that you can assign the contract to somone who is not in charge of your affiairs or estate.
Contracts are assignable (to someone else) if they do not expliciting state that they are not assignable. Usually though I like to tell the homeowner up front that I work with a lot of different partners and it is very likely that my money partner or rehab partner will take it in their name. That way there are no surprises at the closing table.
Brenda
That is right. Unless it specifically says "not asignable" is it assumed that it is. Its good to put the language in there when you can though.
Along with what bgrossnickle said, I usually don't put in "and/or assigns" I just write in my contract so that there are no questions "Buyer may assign this agreement" or "This agreement is assignable"
and again I also let the seller know that I may or may not be the one at the closing table taking this property in my name.
Regardless of how nervous that makes you, I have yet to have any motivated seller have a problem with that as long as they trust that the deal will close and they will get paid.
JB
[addsig]